Cronyism Feeds on the Success of Capitalism—but It Should Not Be Confused with Capitalism Itself

My teacher was simply following in the footsteps of many others who unfortunately conflate what is often called "crony capitalism" with capitalism proper. While the latter system respects the private property of individuals who buy and sell freely in an unbridled market, the former gives special privileges to certain individuals and corporations, usually to the detriment of everyone else.