Crony Capitalism is on a Decline
Crony capitalism is on a decline, according to the Economist’s index of crony capitalism created in 2014. The Economist index shows that in 2016, Russia has the highest amount of crony capitalism; crony sector wealth constitutes 18% of Russia’s GDP, out of
Resorts World Las Vegas Moves One Step Closer to Reality
Resorts World Las Vegas, to be built by the Malaysia-based Genting Group, came one step closer to reality when a three-member panel of the Nevada Gaming Control Board gave preliminary approval for a range of applications by the company, such as the
India Achieves its Highest Ever Score on the Index of Economic Freedom
India achieved its highest ever score on the 2016 Index of Economic Freedom. India’s score of 56.2 gave it the 123rd rank among the 178 countries ranked by this index. India was ranked the 25th among the xx nations in the Asia Pacific region. The 123rd
Australia’s Casino Industry Continues its Expansion
Australia’s casino industry is anticipating continued strong business from Chinese and Indian tourists as it expands across the nation. The industry will be spending more than 15 billion Australian dollars (AUD) over the next decade to build new luxury
Donald Trump: American Dream Coming True?
Donald Trump has been referring to the American Dream being over. And, of course, about how he would play an instrumental, as President, in reviving this dream. I wonder if Donald Trump actually understands the American Dream, and whether his policies are in synch
Macau Casino Revenues Down Less than Expected in April 2016
Macau casino revenues fell by 9.5% on a year-on-year basis in April 2016 to $2.2 billion, according to data from Macau’s Gaming Inspection and Coordination Bureau. This marks the twenty-third consecutive month of declines. Macau’s casinos have been
Daniel Kahneman: The Psychologist who won a Nobel Prize for Economics
Daniel Kahneman and his colleague Amos Tversky studied human behaviour when faced with uncertainty and risk, and came up with groundbreaking results; primarily, that human beings are not necessarily the rational agents of economic theory. Daniel Kahneman
Michigan’s Gun Lake Casino to Double its Size with a $76 Million Expansion
The Gun Lake Casino in Wayland, Michigan has announced a $76 million expansion plan that is expected to nearly double its size. Ed Pigeon, vice chairman of the Gun Lake Tribal Gaming Authority Board said in a news release on January 7, 2016,
Moral Hazard and the Global Financial Crisis
Competition produces efficient outcomes when certain conditions hold. One of these is that all the agents involved have all the information that they need. However, in the real world, one often observes asymmetric information; the existence of asymmetric
Mohegan Sun Group Wins License to Open Casino in South Korea
The Mohegan Tribal Gaming Authority, along with KCC Corp, a South Korean chemicals manufacturer, won a bid to develop the Inspire Integrated Resort at Incheon, located west of Seoul, the capital city of South Korea. The Inspire Integrated Resort
Rakesh Wadhwa. Ever since, I was a school boy, I knew India was on the wrong path. Socialism was just not what we needed to get ahead. Government controlled our travel; government controlled our ability to buy and sell; and government controlled our freedom to move our money. My life has focused on the inherent rights people have. When I was in college, I never understood, what the governments meant by their "socialistic attitude". If people are free to buy, sell and move their capital themselves without any restrictions by state, then the welfare of people is inevitable & hence the countries they live in will become wealthy.
The Bastiat Award is a journalism award, given annually by the International Policy Network, London. Bastiat Prize entries are judged on intellectual content, the persuasiveness of the language used and the type of publication in which they appear. Rakesh Wadhwa won the 3rd prize (a cash award of $1,000 and a candlestick), in 2006.
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