Ορισμός και Σημασία του "crony capitalism"

Crony capitalism refers to a system where businesses thrive not based on their merit, but on their close relationships with government officials and politicians.

The prevalence of crony capitalism often leads to unfair advantages for well-connected companies, hindering competition and innovation in the market.

Critics argue that crony capitalism undermines the principles of free-market economics by distorting incentives and favoring a select few at the expense of the broader population.