Crony capitalism Definition
"Crony capitalism" is a pejorative expression, denoting a type of capitalism in which business success is heavily dependent upon one's connections. In such a system, business decisions are significantly influenced by friendships and family ties, rather than by market forces and open competition. The term, often abbreviated "crapitalism", is generally used as part of an explanation for why a superficially market-based system fails to generate adequate economic growth. The term has been used to describe the economic systems of Japan, Indonesia and the United States.