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

Example Sentences

He has thrived despite critics labeling his business empire as crony capitalism, pointing to his close ties with Modi, both as Gujarat's chief minister - where they both hail from - and as India's prime minister.

From BBC

As for my opponent, the only capitalism he believes in is crony capitalism: profits for the rich and problems for the poor.

From Salon

Opposition parties accuse him of crony capitalism, saying he favours some big business families.

From BBC

They say “crony capitalism” in India has helped certain corporations, such as Ambani’s, thrive.

From Seattle Times

“That’s crony capitalism. It’s corrupt and unacceptable.”

From Los Angeles Times