Political Economy of Crony Inequality among Nations: A Study on Capitalism and Socialism

Abstract

All over the world, the economy system of states revolve around capitalism, socialism and mixed economy. In most cases, capitalism had embalmed the economy of nations turning governments against the people, employers against the workers all in the name of surplus values and profiteering motives. Although capitalism had made economies of nations to grow but it is at the expense of the masses interest. The review of most government policies reveals a shift to accommodate inequalities in the economy systems. This research reveals the level of inequality in economic system of nations. What are the impacts of these profiteering motives on the economy? The methodology adopted is the survey analysis of institutional database of economy records of different regions in the world. The theoretical frameworks of deprivation theory coupled with Marxian theory were used to analyse the political economy of crony inequality of capitalism and socialism among nations. The conclusion is based on the level of positive impact the economy system has despite the inequality it creates in the polity.