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Hugh rich and poor gap has created in Asian developing countries through crony capitalism.
https://newmedia.ufm.edu/video/capitalism-true-and-false-free-market-vs-crony-capitalism/
Capitalism, True and False: Free Market vs. Crony Capitalism
It is the traditions of crony capitalism, that has condemned the true capitalism. Crony capitalism is the use of political means to achieve economic ends through the use of government intervention, regulation or redistribution of income to acquire that which the individual is not able or willing to obtain through the free and voluntary exchange and transactions of the open, competitive and free marketplace.
Ebeling presents Mises’ Iron Triangle of crony political process, where bureaucrats, politicians and special interests groups obtains benefits at the expense of taxpayers. He mentions that to achieve the ideal of free market, we must choose liberty, freedom and voluntary consent in trades."
https://www.oecd.org/forum/asia-challenges.htm#:~:text=The%20gap%20between%20Asia's%20rich,account%20for%20more%20than%2020%25.
The gap between Asia’s rich and poor has widened alarmingly in the past two decades. In many countries, the richest 1% of households account for close to 10% of total consumption, and the top 5% account for more than 20%. The Gini coefficient, a measure of inequality, has increased in much of the region: taking developing Asia as a single unit, the Gini coefficient has increased from 39 to 46.
https://newmedia.ufm.edu/video/capitalism-true-and-false-free-market-vs-crony-capitalism/
Capitalism, True and False: Free Market vs. Crony Capitalism
It is the traditions of crony capitalism, that has condemned the true capitalism. Crony capitalism is the use of political means to achieve economic ends through the use of government intervention, regulation or redistribution of income to acquire that which the individual is not able or willing to obtain through the free and voluntary exchange and transactions of the open, competitive and free marketplace.
Ebeling presents Mises’ Iron Triangle of crony political process, where bureaucrats, politicians and special interests groups obtains benefits at the expense of taxpayers. He mentions that to achieve the ideal of free market, we must choose liberty, freedom and voluntary consent in trades."
https://www.oecd.org/forum/asia-challenges.htm#:~:text=The%20gap%20between%20Asia's%20rich,account%20for%20more%20than%2020%25.
The gap between Asia’s rich and poor has widened alarmingly in the past two decades. In many countries, the richest 1% of households account for close to 10% of total consumption, and the top 5% account for more than 20%. The Gini coefficient, a measure of inequality, has increased in much of the region: taking developing Asia as a single unit, the Gini coefficient has increased from 39 to 46.
