As ersatz capitalism, it may also refer to Joseph Stiglitz's assessment of neo-liberalism, cartelization and rent-seeking in the American economy, "run for and by the powerful".
[3] Such payments may be made with the intent of preventing further, systemic damage to what might otherwise be considered a free marketplace.
[9][10] Advocates of free markets may then point to the faltering, nationalized enterprises as examples of how government regulation hurts business.
[5] Mark Green coined the phrase in a 1974 article discussing the utility company Con Ed.
Joseph Stiglitz used the term ersatz capitalism to describe a similar approach by Barack Obama.