{"id":28781,"date":"2015-04-16T19:25:04","date_gmt":"2015-04-16T19:25:04","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=28781"},"modified":"2024-04-03T13:16:22","modified_gmt":"2024-04-03T07:46:22","slug":"crony-capitalism","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/crony-capitalism\/","title":{"rendered":"Crony Capitalism"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Crony-Capitalism.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-28857\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Crony-Capitalism-300x116.jpg\" alt=\"Crony Capitalism\" width=\"300\" height=\"116\" srcset=\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Crony-Capitalism-300x116.jpg 300w, https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Crony-Capitalism.jpg 359w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Crony Capitalism is a pejorative term used to refer to the corrupt business dealings carried out by\u00a0\u00a0government officials in a\u00a0 capitalist economy . What is it that politicians do when they become ministers ? They help their family members and friends make money by awarding them government contracts , legal permits , special tax breaks etc. This favouritism that they show towards family members and friends is calling called crony capitalism , &#8216;crony&#8217; as being a &#8216;close friend &#8216;.<\/p>\n<p>This term was initially applied to states involving involved in the 1997 Asian Financial Crisis such as Thailand and Indonesia . In these cases, the term was used to point out how family members of the ruling leaders become extremely wealthy with no non political justification.<\/p>\n<p>This practice became increasingly prevalent in India after the 1990s liberalization, whereby , land and other resources were given at throwaway prices in the name of public private partnerships . Similarly the special economic zones ( sez) became an opportunity for land grabbing\u00a0 . Unfortunately, cronyism has become an integral part of indian business .<\/p>\n<p>Thus\u00a0 by killing transparency and competition, crony capitalism is harmful to free enterprise , opportunity, and economic growth .<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/certifications\">Click here for government certifications<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crony Capitalism is a pejorative term used to refer to the corrupt business dealings carried out by\u00a0\u00a0government officials in a\u00a0 capitalist economy . What is it that politicians do when they become ministers ? They help their family members and friends make money by awarding them government contracts , legal permits , special tax breaks&#8230;<\/p>\n","protected":false},"author":1145,"featured_media":28857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1530],"tags":[6369,2695,2559,1820],"class_list":["post-28781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-crony-capitalism","tag-fraud","tag-govt","tag-india"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crony Capitalism - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What is Crony Capitalism ? Apply for a Vskills certification in Legal now. 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