We must think that kleptocracy is great because we repeatedly elect politicians who use their position for their own gain. Of course, in the process, they also help the wealthy to even more wealth.
Quickly, what is kleptocracy? It’s one of those words that we all kind of know is naughty, but we rarely use and may struggle to define simply. Google tells me it’s a “system ruled by people who use their power to steal their country’s resources.”
Can we seriously believe that modern Western democracies are really kleptocracies? Well, just considering the massive inequality in wealth might support the idea. The wealthiest 10% of Americans have hoarded 68% of all US wealth (31% by the top 1% alone), leaving the poorest 50% to share just 2.5% between them. In the EU, the poorest 50% have about 4% of the continent’s wealth and the poorest Britons share almost 6%. So the wealth share in the Old World is a bit better than the US, but still suggests those democracies are functioning much like kleptocracies.
Politicians who use their positions to help the wealthy can be richly rewarded. Tony Blair wasn’t poor before his 10 years as UK Prime Minister, but in the years since, his wealth has ballooned to an estimated $60 million. Boris Johnson is repoerted to have made more than $6 million in the first six months after resigning as UK PM.
The US presidency can be even more lucrative, shown by the difference between wealth before and after winning the White House. Obama went from $1.3 million to $70 million, while Clinton grew $1.3 million to $120 million. Daddy Bush turned $4 million into $23 million and junior doubled $20 million to $40 million. Trump is generally opaque about the details of his finances, but even if the claims of $1.4 billion from the first year of his second term are an order of magnitude greater than reality, he’s already profited at a higher level than any president before him, with three more years to go.
You don’t have to be at he top of the tree to make money from government, either. The Revolving Door refers to the practice of people working in government who go on to work with companies they were responsible for regulating. So if they treat companies well, they can expect a well paid job later in return.
Most countries have rules to try and stop this, but it’s ineffective. A study found more than 50 UK ministers from a six year period went on to work for companies in industries they had been responsible for – probably about half of all ministers during that period. And a US report found about a third of federal employees later headed through the revolving door.
They’re meant to serve the people, but serve themselves instead.
So if kleptocracy isn’t great for the rest of us, why do we keep electing kleptocrats?
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