Editing Crony capitalism (section)

== Historical usage ==
The first extensive use of the term "crony capitalism" came about in the 1980s, to characterize the [[Economic history of the Philippines (1965–1986)|Philippine economy under the dictatorship]] of [[Ferdinand Marcos]].<ref name=Caroline>{{Cite web |url=http://www3.grips.ac.jp/~esp/en/event/what-is-%E2%80%9Ccrony-capitalism%E2%80%9D/ |title=What is 'Crony Capitalism'? |last=Hau  |first=Caroline S. |website=Emerging State Project |publisher=[[National Graduate Institute for Policy Studies]] |location=Roppongi, Minato-ku, Tokyo}}</ref> Early uses of this term to describe the economic practices of the Marcos regime included that of [[Ricardo Manapat]], who introduced it in his 1979 pamphlet "Some are Smarter than Others", which was later published in 1991;<ref name=Caroline/> former ''Time'' magazine business editor George M. Taber, who used the term in a ''Time'' magazine article in 1980,<ref name=Caroline/> and activist (and later Finance Minister) [[Jaime Ongpin]], who used the term extensively in his writing and is sometimes credited for having coined it.<ref name="BantayogProfileOngpinJaimeV">{{Cite web |url=http://www.bantayog.org/ongpin-jaime/ |title=Heroes and Martyrs: ONGPIN, Jaime V. |date=May 26, 2016 |website=Bantayog ng mga Bayani  |access-date=July 23, 2019}}</ref>

The term crony capitalism made a significant impact in the public as an explanation of the [[Asian financial crisis]].<ref>{{cite book|url=https://archive.org/details/cronycapitalismc0000kang|title=Crony Capitalism: Corruption and Development in South Korea and the Philippines|last=Kang|first=David C.|publisher=Cambridge University Press|year=2002|isbn=978-0-521-00408-4|location=Cambridge|quote=Focused only on explaining successful outcomes, the conventional model provided no analytic way to explain the 1997 crisis. Countries previously regarded as miracles now were nothing more than havens for crony capitalists (p. 3)|url-access=registration}}</ref>

It is also used to describe governmental decisions favoring cronies of governmental officials.<ref>{{Cite news |url=https://asia.nikkei.com/Spotlight/Cover-Story/Crony-capital-How-Duterte-embraced-the-oligarchs |title=Crony capital: How Duterte embraced the oligarchs |access-date=2020-01-03 |url-status=live |archive-url=https://web.archive.org/web/20191204170146/https://asia.nikkei.com/Spotlight/Cover-Story/Crony-capital-How-Duterte-embraced-the-oligarchs |archive-date=2019-12-04 |language=en-GB}}</ref>

The term is used largely interchangeably with the related term [[corporate welfare]], although the latter is by definition specific to [[corporations]].