By Dewal Nath Tripathi, Vivekananda Institute of Professional Studies, New Delhi.
Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of state interventionism.
Depending on how this is described it surely means that such an economy is not the one which is so desired as it completely breaks the notion of competition between parties. (more…)