crony capitalism

[kroh-nee kap-i-tl-iz-uhm]

noun

1. an economic system in which success in business is obtained through relationships to people in political power rather than through competition.

   The fact that only a few well-connected developers can get projects approved does seem like the sort of favoritism inherent in crony capitalism.

Word History and Origins

Origin of crony capitalism¹

First recorded in 1980–85