Definition of crony capitalism in US English:

crony capitalism

noun

derogatory
  • An economic system characterized by close, mutually advantageous relationships between business leaders and government officials.

    ‘allegations of crony capitalism have plagued the government’
    • ‘What we actually have are highly managed monopolies that epitomize crony capitalism and insider trading as a way of doing business.’
    • ‘The crisis can be largely explained by such internal factors as crony capitalism and excessive state intervention.’
    • ‘Another consequence is that the more such aid is dispersed, the more the charge of crony capitalism begins to resonate.’
    • ‘It operates not in the free market its rhetoric prattles about, but in "crony capitalism" that gives every advantage to the cronies with enough capital to buy their way into the game.’
    • ‘The country is "caught between the two extremes of misguided socialism and crony capitalism, and suffering from the worst of both systems," he says.’
    • ‘Boeing needs a strong board and a rejuvenated corporate culture based on innovation and competitiveness, not crony capitalism.’
    • ‘A freer, more aggressive and more critical news media would have put a brake on the governmental corruption and the so-called crony capitalism.’
    • ‘We are instead witnessing a crony capitalism where the interests of CEOs are no longer aligned with the interests of their shareholders and workers.’
    • ‘By definition, that's crony capitalism, not laissez faire.’
    • ‘Our fragile economy is in the slippery grip of a crony capitalism practiced by a small group of insiders who sit on each other's boards, join each other's country clubs, and line each other's pockets.’