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Crony capitalism
01
형님 자본주의, 친분 자본주의
an economic system where success in business is determined by close relationships between businesspeople and government officials, rather than market competition
crony capitalism
n
예
The prevalence of crony capitalism often leads to unfair advantages for well-connected companies, hindering competition and innovation in the market.
Crony capitalism refers to a system where businesses thrive not based on their merit, but on their close relationships with government officials and politicians.
Transparency and accountability are essential in combating crony capitalism and ensuring a level playing field for all businesses.
The government's preferential treatment of certain industries and companies is a clear example of crony capitalism, which can erode public trust in the political and economic system.
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.
