crony capitalism

American  

[kroh-nee kap-i-tl-iz-uhm] / ˈkroʊ ni ˈkæp ɪ tlˌɪz əm /

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.

---

Etymology

Origin of crony capitalism

First recorded in 1980–85

Example Sentences

This conservative think tank seeks “to investigate and expose crony capitalism, misuse of taxpayer monies, and other governmental corruption or malfeasance.”

From Salon • Apr. 24, 2017

Yet, despite maintaining a presence in space, Roscosmos has been beset with corruption, mismanagement, and crony capitalism that is the hallmark of the larger post-Soviet economy.

From Slate • Mar. 21, 2017

What a reversal for the United States and Mexico: The latter once epitomized protectionism and crony capitalism, before free-market reforms recommended by a bipartisan succession of American presidents.

From Washington Post • Jan. 4, 2017

If that succeeds, the critics of crony capitalism can easily find new targets.

From New York Times • Jul. 5, 2015

But to most Russians, Berezovsky epitomised the worst excesses of the crony capitalism that, after the collapse of communism, reduced Russia in the 1990s to an impotent basket case and impoverished its people.

From The Guardian • Mar. 24, 2013