8 August 2017 - manage judiciously

In a democracy, to stay in power you need results by the next election, so you overborrow. If you’re an authoritarian, to stay in power you need stability, so you manage the economy judiciously. That’s today’s reasoning; we see it in China, and Russia, and Erdogan’s Turkey, and lately in Hungary and Poland. Yet all these authoritarian governments will fall because they think too much in the short term.