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The Indicator from Planet Money

How close is the US to crony capitalism?

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 2 October 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

We have seen a blurring of boundaries between government and business under President Trump. It has some political commentators ringing the alarm bell over something called “crony capitalism" — a corrupt system where political power meets big business. Today on the show, is the Trump administration nudging the U.S. further down the road toward crony capitalism? 

Related episodes: 
China’s trade war perspective 

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter

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Transcript

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0:00.0

NPR. We have seen a blurring of boundaries between government and business under President Trump.

0:18.2

His administration has been brokering a TikTok deal involving Oracle and

0:22.8

Andreessen Horowitz. Both firms include people with ties to Trump. Writer Walter Isaacson,

0:29.0

hedge fund manager Ken Griffin, and political commentator Fareed Zakaria are ringing the alarm bells.

0:34.5

That type of state capitalism, it often evolves into crony capitalism.

0:39.7

Sliply slope towards crony-chronism capital.

0:43.0

From the leading free market in the world to the leading example of crony capitalism.

0:48.7

Crony capitalism is when businesses rise or fall based on their proximity to politicians.

0:57.6

The US has prided itself on being the opposite,

1:02.4

a place where entrepreneurial pluck and talent and risk-taking gets the rewards.

1:08.0

But a number of political commentators are warning that the US is turning into a place where it's not about what you know, but about who you know.

1:12.9

This is the indicator from Planet Money. I'm Darian Woods.

1:16.3

And I'm Adrian Ma. Today on the show is the U.S. turning into a crony capitalist economy.

1:21.9

We crunch the numbers to find out.

1:25.0

I want it that way. Was a Backstreet Boys banger, but was it also a secret economics lesson?

1:30.4

If you watch the music video, you can really see an illustration of the concept of comparative

1:35.1

advantage. All right. In our most recent bonus episode, we compete to see who can pick the most

1:40.6

Planet Money song, movie, and more from 1999. It's our first ever planet money

1:45.9

pop culture draft, and you can hear it and support our work by signing up for NPR Plus at

1:51.7

npr.org. The term crony capitalism was first coined by Time magazine in 1981. Times article

2:00.3

described the Filipino government under Ferdinand

2:03.1

Marcos as a case of crony capitalism. Essentially, Marcos used the levers of the state to

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