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Crony capitalism, sometimes also called simply cronyism, is a pejorative term used in political discourse to describe a situation in which businesses profit from a close relationship with state power, either through an anti-competitive regulatory environment, direct government largesse, and/or corruption. [1]
Capitalism has as a central assumption that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and ...
By 2008, 111 countries had enacted competition laws, which is more than 50 percent of countries with a population exceeding 80,000 people. 81 of the 111 countries had adopted their competition laws in the past 20 years, signaling the spread of competition law following the collapse of the Soviet Union and the expansion of the European Union. [43]
Change in per capita GDP of France, 1820–2018. Figures are inflation-adjusted to 2011 international dollars. The economic history of France involves major events and trends, including the elaboration and extension of the seigneurial economic system (including the enserfment of peasants) in the medieval Kingdom of France, the development of the French colonial empire in the early modern ...
[85] [86] Many scholars consider the Chinese economic model as an example of authoritarian capitalism, [87] [88] state capitalism [89] or party-state capitalism. [90] [91] China brought more people out of extreme poverty than any other country in history [92] [93] —between 1978 and 2018, China reduced extreme poverty by 800 million. [94]
In 1903, the Russian Social Democratic Labour Party began to split on ideological and organisational questions into Bolshevik ('Majority') and Menshevik ('Minority') factions, with Russian revolutionary Vladimir Lenin leading the more radical Bolsheviks. Both wings accepted that Russia was an economically backward country unripe for socialism.
In addition to capitalism and communism, Italians and Slovenes, monarchists and republicans as well as war winners and losers often faced each other irreconcilably. The neutral buffer state Free Territory of Trieste , founded in 1947 with the United Nations, was split up and dissolved in 1954 and 1975, also because of the détente between the ...
Gotthard line in 1882 Development of real GDP per capita, 1851 to 2018. Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zürich, Geneva, and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and underdeveloped.