Inflation Destroys Rotten Governments
Historically, inflation has often served as an acid test for democratic and authoritarian governments alike, because it represents a breach of the social compact between a country’s political leadership and its people. With inflation ticking back up in Russia, the risks for the regime have not been lost on President Vladimir Putin.
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BERLIN – The recent worldwide surge of inflation is forcing political change, reminding us how efficiently this old economic problem can topple governments. In democracies, election outcomes often hinge on price developments. But the effect on autocracies is no less pronounced, because inflation erodes the implicit social compact on which they base their authority.