"crony globalism" refers to the parasitic trading agreements that have warped the general balance of power and dependency of countries on one another.
In a vacuum, countries would work together to trade goods and services. A country would use the resources it has naturally available, and if they do choose, offer them for sale to other countries that may want them. Both parties walk away happy.
The cronyism comes in when certain countries (certain leaders really, acting on behalf of that country or region) start tipping the scales to cause style countries to rely on others to exist. This is a long, show process, typically buried under boring economic laws nobody pays close attention to.
But over time you wind up with a country like China who offers insanely cheap manufacturing and labor, and a country like the US or the UK that has insane laws preventing manufacturing due to ecological or humanitarian initiatives. Laws that increase cost of production. Laws that do not exist in China.
Everyone thought that the US was too dependent on China to exist. Currently we are figuring out what it takes to exist without such a crutch.