Byunghwan Ben Son

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Venezuelan President Nicolás Maduro created a new cryptocurrency called the ‘Petro’ to combat hyperinflation. Reuters/Carlos Garcia Rawlins

Is authoritarianism bad for the economy? Ask Venezuela – or Hungary or Turkey

Nisha Bellinger, Boise State University and Byunghwan Ben Son, George Mason University

When an elected leader turns autocratic, the economy tends to suffer. That’s because, in a functioning democracy, economic policy is made jointly, with lawmakers playing a key role.

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