Michael Munger on Industrial Policy
EconTalk
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Capitalism, Cronyism, and Democracy
This chapter examines the interplay between capitalism and democratic politics, highlighting the emergence of cronyism as a significant challenge. It discusses the limitations of expert-driven industrial policies and the complexities of achieving ideal capitalist outcomes amidst political influences. Using Argentina as a case study, the chapter illustrates the disconnect between economic recommendations and political decisions, particularly in relation to inflation and monetary policy.
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