Ontario and Michigan promoting crony capitalism together

In the summer, Ontario Premier Kathleen Wynne and Michigan Governor Rick Snyder signed an agreement to jointly promote the automotive industries of Michigan and Ontario. This type of selective government meddling in the economy is a bad idea and should be avoided.It effectively amounts to crony capitalism, which Oxford defines 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.The plan the two politicians announced comes with no cost estimates.

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