Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, and director of the Centre for the Study of African Economies, is quoted in this story about "rent-seekers” – the term used to describe "businesses that win riches and benefits by exploiting political connections and processes, including policymaking and regulatory power."
“Rent-seeking is the activity of generating and allocating transfers between economic actors. It results in waste and inequality. The damage is most evident in the US, where rent-seeking has faced fewer policy impediments than in Europe ... Median living standards have been stagnant for three decades, despite the growth of per capita gross domestic product.”