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Crony Capitalism
What is the meaning of Crony Capitalism?
Crony Capitalism is a pejorative term used to refer to the corrupt business dealings carried out by government officials in a capitalist economy. It refers to the success in business based on a clots relationship between businessmen and government officials. The word crony means friend. It is generally used to show disapproval. If you were to refer to Prakash as Delia’s Crony, the implication is that you do not approve of Prakash. What is it that politicians normally do when they become ministers? They help their family member and friends make money by awarding them government contracts, legal permits, specials tax breaks, etc. This favoritism that they show towards family member and friends is called Crony Capitalism.
COURTESY : The Hindu (The National News-Paper) - India
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