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ABOUT THE AUTHORS Randall G. Holcombe is DeVoe Moore professor of economics at Florida State University. He received his PhD in economics from Virginia Polytechnic Institute and State University, and taught at Texas A&M University and at Auburn University before coming to Florida State in 1988. Holcombe is also senior fellow at the James Madison Institute, a Tallahassee-based think tank that specializes in issues facing state governments. He served on Florida governor Jeb Bush’s Council of Economic Advisors from 2000 to 2006, was president of the Public Choice Society from 2006 to 2008, and was president of the Society for the Development of Austrian Economics in 2007. Holcombe is the author of twelve books and more than one hundred articles published in academic and professional journals. His books include The Economic Foundations of Government (1994), Public Policy and the Quality of Life (1995), From Liberty to Democracy: The Transformation of American Government (2002), and Entrepreneurship and Economic Progress (2007). His primary research areas are public finance and the economic analysis of public policy issues. Andrea M. Castillo is a program associate for the Spending and Budget Initiative at the Mercatus Center at George Mason University. She attended Florida State University and received a BS in economics and political science in 2012. She blogs at Neighborhood Effects and is a columnist for The Umlaut. ABOUT THE AUTHORS 135
ABOUT THE PUBLISHER The Mercatus Center at George Mason University is the world’s premier university source for market-oriented ideas— bridging the gap between academic ideas and real-world problems. A university-based research center, Mercatus advances knowledge about how markets work to improve people’s lives by training graduate students, conducting research, and applying economics to offer solutions to society’s most pressing problems. Our mission is to generate knowledge and understanding of the institutions that affect the freedom to prosper and to find sustainable solutions that overcome the barriers preventing individuals from living free, prosperous, and peaceful lives. Founded in 1980, the Mercatus Center is located on George Mason University’s Arlington campus. www.mercatus.org 136 LIBERALISM AND CRONYISM
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LIBERALISM AND CRONYISM Two Rival P
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LIBERALISM AND CRONYISM: TWO RIVAL
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CONTENTS Introduction 1 Chapter 1:
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INTRODUCTION People often see polit
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who have the power to make decision
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CHAPTER 1: LAYING A FOUNDATION Befo
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hijacking of the term to describe a
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esources can be taken from some for
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suffers from “market failure,”
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is a group of cronies in a dictator
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ecause it permits voluntary exchang
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people’s economic well-being. The
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consumer demands. Examples of rent-
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the Politburo and the needs of conn
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consider the benefits and costs of
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upon state privilege and disproport
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their loyalty to the socialist stat
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cronyism from gripping every area i
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communism are well documented and w
Page 43 and 44:
Accountability was embodied by refo
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despite comprising only 3 percent o
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CHAPTER 5: FASCISM Fascism, the pol
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use the sword of the Nazi state to
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planners created a back door for in
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CHAPTER 6: CORPORATISM Corporatism
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puts men and their possibilities in
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that this form of guided capitalism
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therefore provide sufficient benefi
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CHAPTER 8: PROGRESSIVISM Progressiv
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people who argue for limited govern
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Security, Medicare, and Medicaid do
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the direct election of senators, ch
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argue for narrow individual interes
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their roots to diverse sources of i
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promises to assume a company’s de
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enefits for his former venture capi
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prices of firms within the textile
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ment the power to make decisions an
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of social justice, cronyism has an
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for women in the twentieth century,
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ecause it advocates granting these
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should pay the same as comparable b
Page 93 and 94: way, the US government replaced the
Page 95 and 96: an individual, social justice advoc
Page 98 and 99: CHAPTER 12: CRONY CAPITALISM AND DE
Page 100 and 101: subsidies, political connections di
Page 102 and 103: CHAPTER 13: INDUSTRIAL POLICY The t
Page 104 and 105: “cottage industries” that clust
Page 106 and 107: of complex systems. He applied this
Page 108 and 109: South Korean industrial policy gave
Page 110: The degree to which Japan’s and S
Page 113 and 114: to get involved in lobbying to prot
Page 116 and 117: CHAPTER 15: LIBERALISM VERSUS CRONY
Page 118: that power will arise with another
Page 121 and 122: with power support each other to ma
Page 123 and 124: an incentive to cooperate for the b
Page 125: environmental movement often advoca
Page 129 and 130: 6. Ludwig von Mises, Human Action,
Page 131 and 132: 12. James Heinzen, “The Art of th
Page 133 and 134: CHAPTER 5: FASCISM 1. Peter Temin,
Page 135 and 136: CHAPTER 8: PROGRESSIVISM 1. Terry L
Page 137 and 138: 16. Bruce Yandle, “Bootleggers an
Page 139 and 140: 3. Eamonn Fingleton, “Japan’s I
Page 142 and 143: FURTHER READING Acemoglu, Daron and
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url?sa=t&source=web&cd=1&ved=0CCYQFjAA&url=http://mercatus.org/sites/default/files/Holcombe_Cronyism_web

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