According to many visions of democracy, the majority opinion should rule. However, when the minority has ample capital, cash often trumps constituents.
Myanmar is a country where the majority has not ruled anything for quite some time. Recently, however, the country held reportedly free and fair elections. Myanmar has done this before. Unfortunately, the ruling party then proceeded to ignore the results. This time, it is not yet clear what they will do. The US has been one of many members of the international community urging Myanmar’s brutal dictatorship to take steps towards democracy. Since 1997, US companies have been forbidden to invest in Myanmar, due to heavy sanctions. In the wake of the recent elections, however, those sanctions have begun to lift. The most exciting changes allow American banking and investment in Myanmar once again. The opening of a new market, combined with new investment law designed to make Myanmar especially appealing, provide a tempting combination.
Though improvements in Myanmar are hardly the result of one policy decision, it is interesting to consider the role of business interests in determining American actions. Timing is everything. America did not lift these sanctions after the 2000 (?) election. Now, however, with Chinese and Indian corporations (who are not bound by sanctions) increasing their ability to invest in Myanmar, it makes sense that US companies would push to end sanctions – if they don’t move in soon, they may lose valuable business opportunities. This is a legitimate concern for them. However, to the majority of Americans, Myanmar is not an economic or political priority. It seems undemocratic to allow the financial interests of a few dictate national foreign policy.
It is unclear how much business interests are influencing American action and how much relate to America’s broader Southeast Asia policy (see this piece by the Carnegie Endowment or this one by the Christian Science Monitor for more information). There are a variety of reasons why the US has both chosen to intervene now and to avoid a clear articulation of their motives. There seems to be a reasonable chance, however, that business’ interest in profit is one of them.
For a significantly longer and more in-depth look at the issue, start with this Business Insider article.
{[['
']]}
']]}