This is a good assessment: “more often than not, politicians are very poor when it comes to making business decisions.”
Crony capitalism is the pretend version of capitalism when you gain sales or market access or funding because you can get favors from government instead of having a product that the market wants and finds appealing.
Success through favors instead of superior products.
Today’s illustration is from a failed video game company, 38 Studios, founded by a former Red Sox pitcher. Anthony Fisher has the story – 38 Studios: Curt Schilling’s Crony Capitalism Debacle.