Here we have etymology from etymonline.com:
http://www.etymonline.com/index.php?allowed_in_frame=0&search=cronyism+&searchmode=none
And
from Wikipedia we also have this:
http://en.wikipedia.org/wiki/Cronyism
And you can fine some extensive definition here:
Cronyism is partiality to long-standing friends, especially by
appointing them to positions of authority, regardless of their
qualifications. Hence, cronyism is contrary in practice and principle
to meritocracy. Cronyism exists when the appointer and the beneficiary
are in social contact; often, the appointer is inadequate to hold his
or her own job or position of authority, and for this reason the
appointer appoints individuals who will not try to weaken him or her,
or express views contrary to those of the appointer. Politically,
"cronyism" is derogatorily used. The word "crony" first appeared in
18th century London, believed by many to be derived from the Greek
word χρόνιος (chronios), meaning "long-term", however, crony appears
in the 1811 edition of Grose's Vulgar Tongue with a decidedly
non-collegiate definition, placing it firmly in the cant of the
underworld. A less likely source is the Irish Language term
Comh-Roghna (pron. ko-ronə), which translates to "close pals", or
mutual friends. Governments are particularly susceptible to
accusations of cronyism, as they spend public money. Many democratic
governments are encouraged to practice administrative transparency in
accounting and contracting, however, there often is no clear
delineation of when an appointment to government office is "cronyism".
It is not unusual for a politician to surround him- or herself with
highly-qualified subordinates, and to develop social, business, or
political friendships leading to the appointment to office of friends,
likewise in granting government contracts. In fact, the counsel of
such friends is why the officeholder successfully obtained his or her
powerful position — therefore, cronyism usually is easier to perceive
than to demonstrate and prove. In the private sector, cronyism exists
in organizations, often termed 'the old boys club' or 'the golden
circle', again the boundary between cronyism and 'networking' is
difficult to delineate. Moreover, cronyism describes relationships
existing among mutual acquaintances private organizations where
business, business information, and social interaction are exchanged
among influential personnel. This is termed crony capitalism, and is
an ethical breach of the principles of the market economy; in advanced
societies, crony capitalism is a breach of market regulations, e.g.
the Enron fraud is an extreme example of crony capitalism. Given crony
capitalism's nature, these dishonest business practices are frequently
(yet not exclusively) found in societies with ineffective legal
systems. Resultantly, there is an impetus upon the legislative branch
of a government to ensure enforcement of the legal code capable of
addressing and redressing private party manipulation of the economy by
the involved businessmen and their government cronies.
For more information you can see:
http://crony.askdefine.com/
