crony capitalism


Definition of crony capitalism

: 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 If there's one thing that populists on the left and right can agree upon, it is disdain for crony capitalism.— Neil Irwin … the go-go growth was illusory, built on a corrupt crony capitalism that might have been exposed earlier by a robust and aggressive press.Editor & Publisher As a condition for the loan, demand that they reform their economies, eliminating the worst excesses of crony capitalism.— Paul Krugman

Other Words from crony capitalism

crony capitalist noun, plural crony capitalists
Real business people, who make their money in open, competitive markets, are entitled to their vast wealth but crony capitalists, who rely on state privileges, don't deserve our support. — Allister Heath

First Known Use of crony capitalism

1981, in the meaning defined above

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The first known use of crony capitalism was in 1981

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Cite this Entry

“Crony capitalism.” Dictionary, Merriam-Webster, Accessed 5 Oct. 2022.

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