Military-run business activities can turn into an unrestrained form of parasitic capitalism, preying on national economies. The militaries of Thailand and Myanmar have evolved as predatory “khaki capitalist” institutions. Thailand’s military, deriving its legitimacy as guardian of the monarchy, has used that role to justify its accumulation of economic resources. Myanmar’s military, in power for most of the decades since independence, has invoked national security to expand its budget and business interests. Both militaries have repeatedly employed coups to consolidate their economic power, most recently in 2014 in Thailand and 2021 in Myanmar. Fragile democratic governments and international sanctions have proved ineffective in restraining them.