Meaning of the word cronyism in English

What does cronyism mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

cronyism

US /ˈkroʊ.ni.ɪzm/
UK /ˈkrəʊ.ni.ɪzm/

Noun

the practice of appointing friends and associates to positions of authority, without proper regard to their qualifications

Example:
The mayor was accused of cronyism after several of his friends received lucrative city contracts.
The company's culture of cronyism led to a decline in morale and innovation.