Entrenched elites who benefit from the current system have little incentive to promote these changes even though financial development would benefit the country broadly. These elites have access to finance under the current system, and oppose any financial liberalization that increases competition. While opening up capital markets could play a strong role in diminishing the influence of these elites or changing the incentives facing them with respect to market reforms, capital market liberalization can also serve to entrench elites," or open up the economies of countries with weak governance structures to financial crises.