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Crony capitalism
/kɹˈəʊni kˈapɪtəlˌɪzəm/
/kɹˈoʊni kˈæpɪɾəlˌɪzəm/Crony capitalism
01
an economic system where success in business is determined by close relationships between businesspeople and government officials, rather than market competition
Example
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.
