Although Southeast Asia has seen the emergence of civilian rule, the military continues to receive a large chunk of national budgets and, with significant assets and economic activities, often possesses enormous economic clout – thus enhancing its political power while hindering democratization or civilian rule. The political economy of the military in less developed countries is thus a crucial subject area in terms of democratization. This study examines such ‘khaki capital’ in seven Southeast Asian countries – Thailand, Myanmar, Vietnam, Laos, Cambodia, the Philippines and Indonesia. Each chapter analyses the historical evolution of khaki capital in a given country; the role of internal and external factors (e.g. military unity and globalization) in this trajectory; and how the resulting equilibrium has affected civil– military relations. This study is important for understanding how and why military influence over parts of the economy in Southeast Asia continues to impede the achievement of civilian control and democratization. Ultimately, this book tells the story of how militaries in Southeast Asia have benefitted economically and the extent to which such gains have translated into the leveraging of political power.