What are the differences between crony capitalism and crony socialism ? These terms have been in the news very frequently.
Crony capitalism is a derogatory term used to refer to politicians that claim to believe in markets and small government but end up using regulations and subsidies to favor of their political supporters and friends.
Some politicians claim to be socialists or progressives, but instead of using the power of the state for the benefit of the entire population based on principles, they end up providing subsidies and benefits to the people who help them stay in power. They have thus been dubbed "crony socialists," a play on the more popular term crony capitalist.
Both end up deviating from their principles for the benefit of well connected "cronies."