crony capitalism

crony capitalism
A capitalist economy in which business contracts and appointments are awarded to friends and family rather than by tender or merit.
Example Citations:
Most of these oft-stated causes for the Asian currency crisis — alleged corruption, crony capitalism, lack of transparency — are now familiar to anyone who has followed developments in the region.
— Hardev Kaur, "S-E Asia — battleground for developed nations," Business Times (Malaysia), February 9, 1998
Financial firms are being required to use internationally accepted accounting procedures and to disclose far more data than they ever have before. The new rules are intended to expose the kind of under-the-table deals that have long fueled Asian economies while enriching the politically connected. Real regulation is being imposed, including bank supervisors who are supposed to make sure that money is being lent to sound projects, rather than to cronies.
But this new regime of openness in business, and a war on crony capitalism, requires a huge cultural change in the way Asia has always operated — a change that is hard to impose from half a world away.
— David E. Sanger and Richard W. Stevenson, "Second-Guessing The Economic Doctor," The New York Times, February 1, 1998
Earliest Citation:
Officials claim that the state will sell its interests when stability returns, but critics say that this is nothing less than de facto nationalization. One thing has not changed in Philippine business: Marcos' pals are still running the companies. crony capitalism is thus turning into crony socialism.
— "Friends in Need," Time Magazine, August 24, 1981
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New words. 2013.

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  • Crony capitalism — is a term describing a capitalist economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants,… …   Wikipedia

  • crony capitalism — ➔ capitalism * * * crony capitalism UK US noun [U] ► ECONOMICS, GOVERNMENT, SOCIAL RESPONSIBILITY an economic system in which family members and friends of government officials and business leaders are given unfair advantages in the form of jobs …   Financial and business terms

  • Crony Capitalism — A description of capitalist society as being based on the close relationships between businessmen and the state. Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism… …   Investment dictionary

  • crony capitalism — /kroʊni ˈkæpətəlɪzəm/ (say krohnee kapuhtuhlizuhm) noun (derogatory) a business practice in which contracts and appointments are awarded to friends and family rather than by tender or merit …   Australian-English dictionary

  • capitalism — cap‧i‧tal‧is‧m [ˈkæptl ɪzm] noun [uncountable] ECONOMICS a system of production and trade based on property and wealth being owned by private business and ordinary people, rather than the state: • Sweden s middle way between communism and… …   Financial and business terms

  • Capitalism — Liberal market economy redirects here. For the ideology behind this economic system, see Economic liberalism. Free enterprise redirects here. For the 1999 film, see Free Enterprise (film). For other uses, see Capitalism (disambiguation). Part of… …   Wikipedia

  • Anarcho-capitalism — Part of the Politics series on Anarchism …   Wikipedia

  • Criticism of capitalism — This article lists arguments against capitalism, For a summary of ideologies opposed to capitalism, see Anti capitalism. Part of a series on Capitalism …   Wikipedia

  • Inclusive capitalism — is a term composed of two complementary meanings: (1) poverty is a significant, systemic problem in countries which have already embraced or are transitioning towards capitalistic economies, and (2) companies and non governmental organizations… …   Wikipedia

  • State monopoly capitalism — Part of a series on Marxism …   Wikipedia

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