> Crony capitalism is about distorting the markets so that the cronies can accumulate financial capital. That strategy only makes sense in a capitalist context. 

Ah, thank you. I wasn't aware of that nuance forming a key part of the accusation.

> In a centrally planned economy, the cronies would be accumulating some other type of power.

The political cadres in communist systems were/are exceptionally wealthy. Wouldn't that also fall under crony capitalism?

unboiled

econ

Generation C: The Confused and Economically Illiterate Ones (WSJ, Andy Kessler)

denlillaapan

This is how "capitalism" was originally used, as I understand the etymology.

Crony capitalism is about distorting the markets so that the cronies can accumulate financial capital. That strategy only makes sense in a capitalist context. In a centrally planned economy, the cronies would be accumulating some other type of power.