Crony capitalism is simple, oligarchs and corporations buy off the political class who then select their corporate masters as economic winners by using regulations and government approved consolidation to eliminate any competition. These corporations then get to socialize their losses with public funding while allowing them to privatize their profits and they are never investigated or held accountable for illegal and corrupt behavior.
Most recent example is the Wall St. guys skating after 2008. They actually had to come out in the open to ram TARP through but since then they no longer care since they got by with it and made out like bandits.
It’s something I’m tired of hearing. We should use a different term rather than use “capitalism” negatively like the left does. Who coined the term? I’d bet it wasn’t any conservative.