Definition of Cronyism

What does the term "cronyism" mean? What is meant by the term "cronyism"?

"Cronyism" occurs when a powerful person appoints his friends and close acquaintances to positions of power, regardless of their qualifications for the job.

Definition of Cronyism - Financial Dictionary"Cronyism" usually occurs because the person at the top of the pyramid (the original "powerful person") is looking to protect their own job, because they themselves are not qualified for their position. By appointing his friends to positions of authority, the person at the top is protecting their own job.

"Cronyism" can occur in the world of politics and the business world as well. "Cronyism" is also referred to as the "old boys club" in the business world.

"Cronyism" is a word with negative connotations. Unpopular leaders (business and political leaders) will usually appoint their close friends to high-ranking offices in order to protect their own jobs.

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