This essay first outlines the orthodox or neoclassical understanding of ‘cronyism’ and its pejorative connotations, before considering the ‘developmental state’ paradigm that emerged with East Asia’s ‘miracle’ growth. I then attempt to recast the concept of cronyism within its historical and cultural context, dispensing with neoclassical ideas of ‘correct’ economic practice and notions that crony capitalism itself represents either an explanation or a necessary outcome.