Capitalism, Cronyism, and Management Scholarship: A Call for Clarity

Peter G. Klein, Michael Holmes Jr., Nicolai J. Foss, Siri Terjesen, Justin Pepe

Research output: Contribution to journalJournal articleResearchpeer-review


Capitalism, characterized by by private ownership, coordination through markets, and decentralization, is blamed for a variety of economic, environmental, and social ills. These critiques often confuse capitalism with cronyism, a system of government favoritism toward particular firms. We show how this confusion harms management research, teaching, and practice.  
Original languageEnglish
JournalAcademy of Management Perspectives
Publication statusPublished - 25 Jun 2021
Externally publishedYes

Bibliographical note

Epub ahead of print. Published online: 25. June 2021

Cite this