In the lobbies of Rangoon’s few business hotels, Western investors in suits are gathering with local businessmen in traditional sarongs to discuss joint ventures, land-lease terms, and profit repatriation rules. For decades, Burma—which is also known as Myanmar—was distinguished for its ruling junta’s imprisonment and torture of political dissidents, execution of protesters, violent campaigns against ethnic minorities, and other abuses that made the country a byword for bloody dictatorship.

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