evidence: When Rajan’s term as governor was drawing to a close by the middle of 2016, his Chicago colleague Luigi Zingales wrote about the anger he had engendered amongst India’s "great political and economic dynasties, who established their power on political connections, if not directly on corruption."35 Zingales chose to frame this tension between Rajan and big capital as a "fight against crony capitalism." Since this has now become such a widespread characterization of state-capital relations in countries like India, it’s worth returning to Venu’s point about the systemic nature of "cronyism" as well as Nayak’s assertion that "there is corruption in the system." [...] ↩Rajan cited Crabtree, Billionaire Raj, p.191.