Critics of cronyism typically describe the problem as politicians and businesses conspiring to win government favors at the expense of taxpayers, or the public in general. While this view is not entirely wrong, it misses important aspects of the problem and does a grave injustice to businessmen who succeed through production rather than pull. This talk, by Ayn Rand Institute director of Legal Studies Steve Simpson, untangles the confusion about cronyism and explains why its biggest victims are businessmen.

This talk was delivered at Objectivist Summer Conference 2017 in Pittsburgh, Pennsylvania, on Sunday, June 11, 2017. He is joined in the question period by Gregory Salmieri, who teaches philosophy at Rutgers University and is a fellow at the Anthem Foundation for Objectivist Scholarship.