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Economics of Development and Planning — Economics STD 12 — Question

Tamilnadu BoardEnglish MediumSTD 12EconomicsEconomics of Development and Planning3 Marks
Question
What is Crony capitalism?
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Answer

Social Organization:
  1. People show interest in the development activity only when they feel that the fruits of development will be fairly distributed.
  2. Mass participation in development programs is a pre-condition for accelerating the development process.
  3. Whenever the defective social organization allows some groups to appropriate the benefits of growth.
  4. Majority of the poor people do not participate in the process of development.
  5. This is called crony capitalism.

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