After the Asian financial crisis of 1997-1998, East Asian economies were criticized for having close connections between firms and the government, which were corrupt in some cases. What was the term used to refer to this corruption?

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The term "crony capitalism" is used to describe an economic system characterized by close, mutually advantageous relationships between business leaders and government officials, often leading to corruption. This term was widely used to critique the nature of economic practices in East Asian economies following the Asian financial crisis of 1997-1998.

After the Asian Financial Crisis of 1997-1998, East Asian Economies