Thereâ€™s a term thatâ€™s commonly applied to the economic systems of some Asian and Latin American countries. Itâ€™s â€œcrony capitalism.â€
Crony capitalism is when government controls significant parts of the economy. Under this kind of bureaucratic micromanagement, politicians -- not the free market -- call the shots. And that means that the decisions that control the economy are of necessity political decisions, not economic ones.