There’s a large body of empirical evidence to show that countries with high levels of corruption also have weaker growth and share price returns, as well as higher levels of economic and market volatility. So, what to make of the fact that crony capitalism is now becoming a feature of the US market?

From targeted regulatory enforcement to tariff carve-outs, contracts awarded to friends and family, and other forms of horse-trading going on between the Trump administration and countries and companies around the world, it’s hard to argue that American oligopoly isn’t on the rise.

The Saudi Crown Prince Mohammed bin Salman, for example, is engaging in sensitive national security conversations with President Donald Trump, even as the Trump family real estate business is in talks with the Saudis about a big construction project. Trump’s artificial intelligence and crypto tsar, David Sacks, has hundreds of tech investments poised to benefit from policies Trump is pushing.