After the Asian financial crisis of 1997-1998, East Asian economics were exposed for corrupt close connections. The term coined by this corruption was

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The term coined for the corruption and close connections among East Asian economies after the 1997-1998 financial crisis was "crony capitalism." This refers to a system in which business success is based on relationships and favors with government officials rather than market competition and merit.

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