Definition of Crony Capitalism

Here’s a definition of Crony Capitalism from the Wall Street Journal:

[It is] what happens, for example, when businessman A fixes things with politician B to fiddle with regulation or tax break C at the expense of competitor D and customers E through Z.

Political adventures in determining the way a particular market should work aren't crony capitalism per se. But that kind of habitual political tinkering tends to make cronyism a lot easier.

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