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Should Asia’s Business Giants Be Broken Up or Broken Down?
In recent decades, close ties between politicians and massive corporate conglomerates have proven effective in driving Asian economies’ development. But by concentrating and entrenching market power, this system has fueled a sharp increase in income and wealth inequality, as well as a lack of beneficial competition.
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LONDON – The recent turmoil around the Adani Group in India has renewed old debates about inappropriate connections between the country’s politicians and its biggest businesses. Similarly, Thailand’s recent election revealed widespread frustration toward a regime that appeared to have grown too cozy with the monarchy, the military, and business elites.