Jakarta, July 21 -- President Prabowo Subianto on Monday sharply criticized business models characterized by greed and unethical practices and stressed that they must not be encouraged by the state.

He used the term Serakahnomics to describe exploitative business strategies that are motivated solely by greed, saying they do not align with any economic school of thought taught in universities.

"These are no longer proper businesspeople. This is not business, this is not entrepreneurship. This is greed. This is not an economic school of thought; this is not taught in any faculty," he said at the launch of the Red and White Village Co-operatives in Klaten district, Central Java, on Monday.

"Some may refer it to liberal, neoliberal, free-m...