Afterword: Mongolian-made capitalism

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.