When forced to deal with inequality, libertarians often talk about - TopicsExpress

When forced to deal with inequality, libertarians often talk about cronyism, something they insist would not happen in their free-market utopia. Cronyism, they insist, is all about government favors, forgetting that cronyism is rampant between various market players. What do you call it when corporate CEOs collude with their boards to award themselves outrageous salaries? If you are an English speaker, you call it cronyism. When the owner of a bank colludes with other bank owners to do things like interfere with prices or squash competition, that’s also a form of cronyism. For some strange reason, libertarians seem to think cronyism is just something businesses do with governments.

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