Posts tagged with: real estate

cronyIt’s never easy becoming a billionaire, but the path to achieving a 10-figure level of wealth is smoother when you have the government as a business partner.

Crony capitalism is a general term for the range of activities in which particular individuals or businesses in a market economy receive government-granted privileges over their customers or competitors. Certain industries (like casinos and real estate) and some nations (Russia, the Philippines) are more prone to cronyism than others. So if you want to become get ultra-rich it helps to be an business and country (e.g., an energy company in Mexico) where the government will you gain an advantage in the market.

The Economist has put together an interesting interactive infographic showing where crony capitalist billionaires live around the world. As they explain:

The real estate crisis led to plenty of finger-pointing and blame-shifting, but for Phoenix real estate developer Walter Crutchfield, it led to self-examination and spiritual reflection.

“The real estate crash brought me to a place of stepping back and evaluating,” Crutchfield says. “I could see where I lost sight of the individual intrinsic value of work, of individuals, of community…Rather than asking ‘is the demand reasonable?,’ we just serviced it, and now we had a chance to think about what we had done.”

In yet another marvelous video from Nathan Clarke and Christianity Today’s This Is Our City project, Crutchfield shares his journey from seeing work as aimless toil to being driven by the prospect of value creation:

Crutchfield concludes that work “pleases God,” and that through its fundamental function of serving others, it “declares the glory of God…just because it is.” For Crutchfield, this basic realization transformed his entire approach to doing business, leading him to focus on creating “real value,” rather than simply going through the motions. (more…)