Before, I see dynasty as a “B-A-D” form of government. Now, I see it’s not in the form of government that makes governance better or worse but in the person or group of people behind it. Any forms of government can be both good and destructive depending on the leader.
In the same way, family dynasty in business can have the good and the bad. Once, my professor showed us how wealthy families dominates not just one but more industries in our City and to her, she sees it as negative when only few people has the wealth. She missed to see the good side. The Rivera’s for example, a popular business dynasty in General Santos City owns a group of companies from fishing, agri-business, manufacturing, processing, banking, pawning, insurance, real estate development, hotels and retailing of hardware and fishing supplies, mainly operating in the Philippines and now also in Papua New Guinea and Indonesia. They exist for already eleven years now, showing their stability. Now, they have 11,000 employees.
Family businesses are important economic builders. In fact, according to the London- based Institute for business, “family business account for more than 30% of the U.K’s GDP”.
Source list: Monocle, In the family way- Global, issue 38-031