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ClarissaMach
Joined: 18 May 2006
Posts: 644
Location: Rio de Janeiro, Brazil
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 Posted: Fri Oct 26, 2012 5:51 am Post subject: crony capitalism |
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Meanwhile, scores of emerging markets have failed to gain any momentum for sustained growth, and still others have seen their progress stall after reaching middle-income status. Malaysia and Thailand appeared to be on course to emerge as rich countries until crony capitalism, excessive debts, and overpriced currencies caused the Asian financial meltdown of 1997-98.
What crony means in this sentence?
Thanks in advance.
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IanT
Joined: 13 Sep 2012
Posts: 340
Location: Spain
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| Posted: Sat Oct 27, 2012 6:53 am Post subject: |
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The word crony most commonly appears in the plural, "cronies" and is a negative way of talking about the friends or associates of someone you don't like much.
So I imagine (but I'm not sure!) that crony capitalism is where successful economies help their friends only and not everyone who deserves it, or who might benefit.
Hope helps,
Ian
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Tao
Joined: 26 Oct 2012
Posts: 66
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| Posted: Mon Oct 29, 2012 5:00 pm Post subject: |
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A crony is simply a close friend but usually is a derogatory term. Crony capitalism is giving business or job opportunities to close friends whether they are qualified or not.
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