The phrase has been around for some time now.I first heard of it couple of years back, when a article was published in a leading daily with the headline"Crony Capitalism".
Crony_capitalism, is giving away country's natural resources(Commanding heights) to private players at throw away in such way that the transaction would smack of undue favours and corrupt practices.
In Russia, this began when immediately after privatization and before second general elections, in order to prevent return of communists,Russian govt under Boris Yeltsin, sought money and favours from Russian Oligarchs and in return promised to give countries's vast natural resources coal,oil,gas,mines to them at almost rock bottom prices, off course with out any auctioning process.
In India, this form of distribution of natural reserves to few private players has come into public domain in the form of 2G & Coalgate Scams.One can read in today's newspapers, magazines about this on a regularly.Sons and daughters of those in power either who are ministers or Secretaries(IAS officers).
Recently read stories about how Robert Vadra was able to amass wealth,by using political contacts.
It is like they get a certain natural resource unopposed which is further sublet or sold to another party at a premium or maximum profit.So, we can easily say that it was another way of bribing those people in power.
Therefore one can understand how, politicians and bureaucrats have collided and teamed up to still make a lot of money in the name of Privatization. wikipedia.orgIndian_coal_allocation_scam
Read a wise man say -"It is quite impossible to know when a fish swimming in water drinks some of it.Thus it is quite impossible to find out government servants in charge of undertakings misappropriate money"
An interesting article on Chinese Premierhttp://www.nytimes.com/2012/10/26/business/global/family-of-wen-jiabao-holds-a-hidden-fortune-in-china.html?pagewanted=1&_r=0&hp
This article shows that corruption is blatant in emerging economies. And those, close to people in power have continued to exploit their position for the benefit of few individuals.