[EvertonDiehard]

The definition of crony capitalism is an economic system where politically-connected people or businesses i.e. cronies in the private sector i.e. capitalists gain from govt policies giving them benefits over their competitors. In S'pore's banking and real estate sectors, we see powerful incumbents with scale and first-comer advantages tend to obtain licences, tax breaks and seemingly special treatment from the powers that be. That accounts for S'pore’s consistently high 3rd or 4th ranking in The Economist’s World Crony Capitalism index.

[EvertonDiehard]

[EvertonDiehard]

The logic is that cronyism will force the masses to work harder.