Definitions for crony capitalism
crony cap·i·tal·ism

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1. Crony capitalism

   Crony capitalism is an economy in which businesses thrive not as a result of risk, but rather as a return on money amassed through a nexus between a business class and the political class. This is often achieved by using state power rather than competition in managing permits, government grants, tax breaks, or other forms of state intervention over resources where the state exercises monopolist control over public goods, for example, mining concessions for primary commodities or contracts for public works. Money is then made not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly. Entrepreneurship and innovative practices which seek to reward risk are stifled since the value-added is little by crony businesses, as hardly anything of significant value is created by them, with transactions taking the form of trading. Crony capitalism spills over into the government, the politics, and the media, when this nexus distorts the economy and affects society to an extent it corrupts public-serving economic, political, and social ideals. The term crony capitalism made a significant impact in the public as an explanation of the Asian financial crisis. It is also used to describe governmental decisions favoring cronies of governmental officials. In this context, the term is often used comparatively with corporate welfare, a technical term often used to assess government bailouts and favoritistic monetary policy as opposed to the economic theory described by crony capitalism. The extent of difference between these terms is whether a government action can be said to benefit the individuals rather than the industry.

How to pronounce crony capitalism?

1. Alex

   US English

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   Mark

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   Daniel

   British

   Libby

   British

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   British

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   Australian

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How to say crony capitalism in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of crony capitalism in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of crony capitalism in Pythagorean Numerology is: 7

Examples of crony capitalism in a Sentence

1. Raghuram Rajan:

   One of the things we need to do to avoid crony capitalism is have rule of law. So our point was obey our regulation, we will work with you to fix it, to make it more useful for you.

2. Carly Fiorina:

   When you have a 70,000 page tax code, you've got to be very wealthy, very powerful, very well-connected to dig your way through that tax code, what I will continue to point out is the fact that every policy she is pursuing will make income inequality worse, not better, crony capitalism even worse, not better.

3. Doug Sachtleben:

   We intentionally asked them about this, to test where they stood on crony capitalism.

4. Paul Ryan:

   I see it as crony capitalism. The argument that other countries do it is an argument that just does not fly with me. We’re America.

5. Carly Fiorina:

   Massachusetts Sen. Elizabeth Warren is right : crony capitalism is alive and well, government and government programs have grown so big, so powerful, so costly and so complex that only the big and the powerful can prosper. But Massachusetts Sen. Elizabeth Warren is dead wrong about how to end crony capitalism. You see, whether it is Dodd-Frank, Obamacare or net neutrality, all this government complexity means the big get bigger, the small disappear, and the powerless are trapped.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Crony_Capitalism