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- Dictionarycrony capitalism
noun
- 1. an economic system characterized by close, mutually advantageous relationships between business leaders and government officials: derogatory "the bank has strongly rejected accusations of crony capitalism"
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Crony capitalism, sometimes also called simply cronyism, is a pejorative term used in political discourse to describe a situation in which businesses profit from a close relationship with state power, either through an anti-competitive regulatory environment, direct government largesse, and/or corruption.
The meaning of CRONY CAPITALISM is an economic system in which individuals and businesses with political connections and influence are favored (as through tax breaks, grants, and other forms of government assistance) in ways seen as suppressing open competition in a free market.
Feb 11, 2016 · Wholesale crony capitalism refers to group-focused systemic expressions of corruption. A textbook example of wholesale crony capitalism in Vietnam is the practice of employing only party members and their family members and associates to government jobs or to jobs in state-owned enterprises.
CRONY CAPITALISM definition: an economic system in which family members and friends of government officials and business leaders…. Learn more.
May 16, 2024 · Crony capitalism is a condition in which participants in an economy rooted in capitalism earn and manipulate favor with one or more government entities. The favor is generally not based on quality or merit; instead the relationship is normally based on political posturing that results in both the capitalists in business and the government ...
“Crony capitalism” is a contradiction in terms. Capitalism is a political-economic system based on the principle of individual rights, which means the separation of state and economics (just like the separation of church and state). Under capitalism, the government’s sole purpose is to protect each individual’s rights equally.
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This Article discusses “crony capitalism,” a form of rent-seeking, and its sources. Although the term crony capitalism is generally applied to non-Western economies, any economy is susceptible to three primary sources of cronyism: standard special interest legislation, “bootlegger and Baptist” coalitions, and pathological altruism. Identifying cronyism requires care, as what appears to ...
