Donald Trump: An American Crony Capitalist?

President-elect Donald Trump was accused of cronyism after sealing a deal to keep jobs in America. So what is crony capitalism?

In late 2016, former governor Sarah Palin accused president-elect Donald Trump of taking part in crony capitalism. The accusation came after a deal Trump made with an air conditioning company to keep a number of jobs in the United States.

Many believe Trump used his new powers to sway the deal, which involved $7 million dollars in incentives to the company. A deal like this has the potential to become favoritism, which is the basis of crony capitalism.

So, what exactly is crony capitalism? Watch today's Seeker Daily video to find out.

Learn More:

Politico: Sarah Palin: Trump's Carrier deal is 'crony capitalism'

Forbes: Richest People in Europe

The Economist: Comparing Crony Capitalism Around The World