We all know that politicians, regulators, and the captains of industries in transport, property development, banking, unions, mining, and so forth, all swap places on an endless carousel, looking after their former colleagues with favourable policies and political donations or promises of senior positions.
Economics academics Murray and Frijters call such a phenomenon ‘grey gifts’. They explain how, although corrupt, it’s not technically illegal and is notoriously hard to police or restrict. The dual aim of their book Rigged is to show not just that it happens, but that all that top-end-of-town gift-giving comes at the expense of the rest of us.
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