FIERY DRAGONS

This book explores the present circumstances of Burma's financial malaise, but does not neglect how it got there. Opening its account at the dawn of the colonial era, Fiery Dragons tells the story of Burma's financial system - of its banks, moneylenders and 'microfinanciers' - through to the present day, to the events that in our times bring the Burmese people out into their streets to demand something better. It argues that Burma's financial system matters, and that the careful study of this system can tell us much about Burma (and something about other developing countries, too). While financial systems and institutions matter in all countries, the book argues that they especially count in Burma. Events in the financial and monetary sphere have been unusually - spectacularly - prominent in Burma's turbulent modern history. From the Chettiars and the alienation of the land to the backlash against the foreign moneylender. From the great state banks of the democracy years to the Orwellian 'people's banks' of the Burma way to socialism. From Burma's bizarre demonetization experiences to the rise and crash of the entrepreneurial bankers. And from the money launderers to the practitioners of microfinance. The story of Burma's financial system and its players is one that has shaped the country. It is a dramatic story, and an important one.