John Cochrane on Crony Capitalism

John Cochrane, a professor at the University of Chicago, briefly discusses cronyism in the US and mentions the work of his colleague, Luigi Zingales:

Luigi Zingales has a nice Wall Street Journal oped today, decrying how crony capitalism has ruined Italy and is on its way to doing so in the US. A tidbit:

In Italy today, even emergency-room doctors gain promotions on the basis of political affiliation. Instead of being told to study, young people are urged to “carry the bag” for powerful people in the hope of winning favors.

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