2a : of the utmost importance : basic, indispensable, necessary an essential requirement for admission to collegeb : being a substance that is not synthesized by the body in a quantity sufficient for normal health and growth and that must be obtained from the diet a vegetable oil rich in essential fatty acids â see also essential fatty acid â ...
Meaning of âcronyismâ in the English Dictionary. See all translations. uk â /ËkrÉÊ.ni.Éªzm/ us â /ËkroÊ.ni.Éªzm/ disapproving. âº the situation in which someone important gives jobs to friends rather than to independent people who have the necessary skills and experience.
In this view, crony capitalism is the result of an excess of socialist-style interference in the market, which inherently will result in a toxic combination of corporations and government officials running the sector of the economy.