Welcome to our regime of political capitalism, where merit matters but political connections matter even more. In an unalloyed capitalist system, money flows to those who offer goods and services of value to consumers. In a political capitalism system, money flows to special interest groups with friends in high places.
In his 2018 book Political Capitalism, Florida State University economist Randall Holcombe defines it as a regime marked by cooperation between political and economic elites for their mutual benefit at the expense of the masses. Among the benefits pursued by elites, of course, is maintenance of their positions of power.
