Biden vs. Kleptocrats?

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.

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Harriman Institute by Tom Mayne and Peter Zalmayev

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