Afterword: Mongolian-made capitalism

David Sneath

Central Asian Survey, 2018, vol. 37, issue 3, 475-483

Abstract: Oligarchy (oligarhi) has become a well-worn Mongolian term for describing the social order. Real power and wealth is now said to be monopolized by a small number of super-elite families. The roots of this oligarchic capitalism lie in the process by which ownership was acquired and concentrated so as to take control of companies, rather than simply making profitable investments. The emergent form resembles Thomas Piketty's notion of ‘patrimonial capitalism’, a political economy dominated by inherited private capital, rather than the wealth created by entrepreneurship or innovation. Mongolian capitalism can also be seen as patrimonial in another sense. Its roots lie in the opportunistic struggle over a form of national patrimony: the enterprises and resources inherited from the previous political economy. The new proprietorial class already appears faintly dynastic, and presently there seem to be no barriers to the transmission of wealth to the next generation of super-rich.

Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/02634937.2018.1493430 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:ccasxx:v:37:y:2018:i:3:p:475-483

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/ccas20

DOI: 10.1080/02634937.2018.1493430

Access Statistics for this article

Central Asian Survey is currently edited by Raphael Jacquet

More articles in Central Asian Survey from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().