Capital under the shadow of stupa: a study of crony capitalism in Theravāda Buddhist countries of Southeast Asia

Abstract Within the framework of Marxist political economy, and through an analysis of state power, military structures, and international relations, this article argues that crony capitalism, as a politico-economic model in which wealth accumulation and resource allocation are highly dependent on political power, represents an alienated and distorted form of contemporary capitalism under specific historical conditions. In contexts where political systems remain underdeveloped and institutional environments are not yet fully consolidated, crony capitalism can facilitate rapid vertical political integration and economic mobilization in the short term for Third World countries. Southeast Asia has been profoundly shaped by crony capitalism. In the processes of state formation, capital accumulation, and integration into the global economic system, Myanmar, Cambodia, and Thailand have developed distinct forms of crony capitalism, namely “military-predatory crony capitalism,” “family-authoritarian crony capitalism,” and “alliance-based monopolistic crony capitalism.” Within these systems, the military and its networks play a crucial role in sustaining crony capitalism; the influence of international capital is likewise significant; and Theravāda Buddhism, as a historical and ideological resource, is incorporated into the process of power reproduction. While crony capitalism may contribute to short-term political and economic stability through elite alliances, in the long run its inherent exclusivity and mechanisms of resource misallocation exacerbate structural contradictions and systemic oppression, thereby constraining social development and rendering the paths toward modernization in Myanmar, Cambodia, and Thailand increasingly difficult.