When financial crisis hit Asia in 1997, America's leaders charged Asian governments with practicing crony capitalism. In retrospect, the charge seems like rank hypocrisy. America has shown itself to be second to none in practicing cronyism, first with its rotten corporate scandals of recent years, and now in Iraq. Asian capitalists may have stolen some borrowed loot, but at least they didn't mix finance with war.
When financial crisis hit Asia in 1997, America's leaders charged Asian governments with practicing crony capitalism. In retrospect, the charge seems like rank hypocrisy. America has shown itself to be second to none in practicing cronyism, first with its rotten corporate scandals of recent years, and now in Iraq. Asian capitalists may have stolen some borrowed loot, but at least they didn't mix finance with war.