Crony Capitalism

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  • A pejorative term used to describe a society, usually marked by an allegedly capitalist economy, where the close relationships between businessmen and government officials are used to succeed in business. Consequently, the success of a business is determined by favoritism by the ruling government rather than by a free market and the rule of law, thus corrupting public-serving and political ideals. Such favoritism is usually granted in the form of special permits, tax breaks, government grants, and other incentives. In crony capitalism, favoritism can also be shown based on race, religion, or ethnicity, which is especially so in developing countries. Countries noted for exhibiting or having exhibited crony capitalism include the People's Republic of China, India, Mexico, Brazil, Malaysia, Russia, and Indonesia, as well as ...

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