How the free market created rentiers and plutocracy in post-Soviet Central Asian countries

In a reversal of the classical ideal of a ‘free market’ (a market free from land rent, monopoly rent and interest), neoliberalism celebrates and promotes rent extraction, sometimes over wealth creation. Neoliberalism has created and expanded the role of rent and unearned income in post-Soviet economies. The article argues that the top 20 richest individuals in Kazakhstan and Kyrgyzstan extract income based on their ownership and control of scarce assets, and thereby obtain unearned income. They also have considerable political power and influence. Neoliberalism has concentrated wealth and power into the hands of a few, and has emerged economic and political elites into the rentier class.