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

Peter G. Klein, R. 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
Issue number1
Pages (from-to)6-29
Number of pages24
Publication statusPublished - Feb 2022
Externally publishedYes

Bibliographical note

Published online: 25. June 2021.

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