wynnecrony

Crony capitalism alive and well in Ontario

Oxford defines “crony capitalism” as an “economic system characterized by close, mutually advantageous relationships between business leaders and government officials.” Crony capitalism has been justifiably denounced by a diverse array of scholars, associations and politicians. These cozy relationships are typically unfair, expensive and ineffective.And yet, the governments of Ontario and Michigan, according to a memorandum unveiled earlier this month, plan on “jointly developing new programs to address emerging technology needs,” which could lead to new spending on business subsidies (otherwise known as “corporate welfare”) on both sides of the border.This plan will confiscate money from millions of people and businesses,

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