I hear the phrase “crony capitalism” all the time. To me this is a classic oxymoron, and a phrase likely created by manipulative political operatives seeking to obfuscate matters. Linking the two words – “capitalism” and “cronyism” – is in fact idiotic. Capitalism is an economic system based on private ownership of the means of production and the creation of goods and services for profit as contrasted with governmental control. Cronyism is the practice of favoring one’s close friends. A capitalist system allocates resources according the maximization of profit, while a cronyism system does so based upon favoring certain people, without regard to maximizing profits. These two concepts are irreconcilably incompatible.