The presidency of Joe Biden comes at a time when there is a growing awareness of “kleptocracies”— countries where a ruling elite embezzles state funds at the expense of the people. The damage caused by this corruption isn’t just local; it also has a corrosive effect on democratic countries. Oligarchs from abroad who buy luxury apartments and mansions (which often sit empty) raise property prices past what the average citizen can afford. Corrupt money destabilizes markets when companies are used as cash cows and need to be bailed out — not to mention, democracy itself can be undermined by these forces.
Harriman Institute by Tom Mayne and Peter Zalmayev