Do you think we have campaign finance reform problems in the United States? Imagine for a moment if the political party in the White House were to begin selling off national assets — vacation sites in the national parks, artifacts in the Smithsonian, etc. — to raise money for the next presidential elections.
From The New York Times:
Myanmar”s military government has quietly begun the largest sell-off of state assets in the country”s history, including more than 100 government buildings, port facilities and a large stake in the national airline, diplomats and businessmen here say.
The sell-off, analysts say, appears to be part of a political transition as the government introduces elections for the first time in 20 years and a new Constitution under which the military seems likely to perpetuate its rule, though more from behind the scenes.
Diplomats and businessmen say that the sales may allow ruling generals to build up cash for election campaigns to the new Parliament, where they will hold 25 percent of seats, or to pay for salary increases for civil servants and other populist measures. Many of the assets are being sold to businessmen allied with the military, reinforcing the strength of a class of oligarchs and military cronies.
There is, fortunately a downside, or even possibly a real risk, for Myanmar’s military dictators in all this.
But the privatizations could also have the effect of injecting some competition into what is an almost Soviet-style economic system, and some analysts here say they may herald a shift in direction. Reformers in the government, they say, may be hoping to follow a path similar to that of China or Vietnam, where the economies have been liberalized but the ruling party has remained firmly in charge and has tolerated little dissent.
Since the generals originally obtained most of these assets in the 1962 coup, I see little danger of the above however. Given the generals’ history, possible buyers should be very leery of simply having their property re-nationalized.