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Crony Capitalism

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Crony Capitalism

Which relationships between business and government are you most concerned about right now?

Cronyism is a term describing an 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, special tax breaks, etc. Cronyism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals. Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials.

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