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Why Professionals Should Wake Up and Recognize the Personal Danger Autocracy Presents to their Ability to Survive and Thrive into the Future
The shift from democracy to autocracy is a radical transformation that affects every facet of a country and its citizens.
As I’ve read and listened to the various warnings political and public figures have given to the dangers of autocracy, Trumpism, and tyranny in the US – a gap has consistently emerged…
The arguments are too theoretical.? Too ethereal.?
They just aren’t ‘real’ enough for people to take them seriously.
This article delves deeper, offering specific, realistic examples to illustrate how autocracy would impact us and end what many of us consider the pursuit of the American dream.
In my estimation are three main drivers to decision making for most people:
- The dreams people have of what they want to achieve.
- The money they can put (and keep) in their pocket.
- The desire for their kids to have it better than they did.
And the talking heads are missing the mark in explaining the dangers in a concrete, and compelling way.? I attempt to do so here by highlighting very real risks in the near term across a few dimensions.
Economic Instability: A Ripple Effect
Autocracy's impact on the economy can be far-reaching:
- Market Volatility: Consider your retirement account fluctuating wildly because an autocrat's unexpected trade restrictions caused a major stock market downturn. Your financial security for the golden years becomes uncertain.? For recent examples see Zimbabwe under Mugabe, Turkey under Urdogan.
- ?Investor Distrust: Imagine a tech startup poised for international expansion suddenly facing withdrawal of foreign investors due to a new autocratic law that threatens intellectual property rights. This not only stalls the startup's growth but also affects the jobs and livelihoods of its employees.? China has recently seen significant investor distrust and outflows after a host of publicly traded companies were capped by targeted laws created by Xi’s authoritarian regime.
- Currency Devaluation: Picture saving for a dream vacation abroad, only to find that your savings have devalued significantly due to your country's plummeting currency, a consequence of mismanaged economic policies under autocratic rule.? Examples include Venezuela under Chavez and Maduro and again, Turkey.
Shrinking Opportunities for Personal Wealth
Autocracy usually limits individual economic prospects:
- Job Insecurity: Imagine working in a company where promotions and job security depend more on political affiliations than merit, making your career progression uncertain and based on factors beyond your professional skills.? See Soviet Union.
- Erosion of Property Rights: Think of investing in your first home, only to have the property arbitrarily seized or its value diminished due to a policy favoring government cronies, leaving you without a vital asset.? Imagine the elimination of checks and balances on local, state, or federal officials determining property tax rates and no recourse to vote them out due to their actions.? Most family wealth is derived disproportionately from the appreciation of their personal home and risk to the stability of this asset is threatened by autocracy as it invariably trickles down to a more local level.
- Limited Entrepreneurship: Envision being an aspiring entrepreneur with an innovative idea, but unable to find funding or market access because the autocratic regime favors established businesses tied to the government.? Think of building your company and ending up on the wrong side of the regime because of something you said and after all the hard work…you just disappear…leaving your family to wonder what happened to you.? Examples include disappearing or poisoned Oligarchs in Putin’s Russia or high flying billionaire moguls in Xi’s China.
The Endangered American Dream
The American Dream dies under autocracy:
- Freedom of Expression and Opportunity: Imagine self-censoring your innovative ideas at work due to fear of government surveillance, stifling your creativity and potential.
- Educational and Cultural Regression: Consider your child's school being forced to follow a state-imposed curriculum that limits critical thinking and creative expression, impacting their future competitiveness and worldview.
- Social Mobility Stagnation: Picture living in a society where your socio-economic status is largely predetermined, with limited opportunities to rise up the ladder regardless of your hard work and talents.
- Diminished Future Prospects for Children:? A key aspect of the American dream is the aspiration for our children to live better, more prosperous lives than our own. In an autocratic regime, this hope is often severely compromised. The economic instability, limited opportunities, and a potentially compromised education system hinder young people's prospects. The reality of a child's future being more shaped by their alignment with the ruling power than their skills or hard work is a stark deviation from the American dream. This not only restricts their economic potential but also dampens their ability to dream and innovate.?
The erosion of these aspirations is a deeply personal impact of autocracy, undermining the very essence of the American dream: the belief in upward mobility and a brighter future for the next generation.
A Call to Protect Democracy
I hope these examples bring to life the real and tangible consequences of autocracy. They underscore why it's crucial to not only value but actively protect our democratic systems.
Democracy is not just a political ideal; it's a safeguard for our economic well-being and personal freedoms.
- Stay Informed: Keep abreast of political changes and understand their implications.? Evaluate things from different angles and from different sources.
- Engage in Civil Society: Support organizations and movements that promote democracy and the rule of law.
- Vote for Democracy: Exercise your democratic right and vote for leaders who uphold democratic values.? Consider becoming a one-issue voter, which prioritizes the protection of democracy over less important issues that are designed to distract you. Additionally, refuse to vote for those expressing autocratic views, even when you think they are joking or aren't serious.
- Advocate and Educate: Spread awareness about the importance of democracy and support initiatives that promote democratic education and institutions.? Don’t shy away from difficult conversations just to ‘keep the peace.’
By taking these steps, we can prevent the shadows of autocracy from encroaching on our lives, protect what we've all worked hard to build, and ensure that the American dream remains vibrant and attainable for everyone, including our children and grandchildren.
Selected Readings and References:
A business case for democracy: regime type, growth, and growth volatility. https://doi.org/10.1080/13510347.2021.1940965
Why Nations Fail: The Origins of Power, Prosperity, and Poverty" by Daron Acemoglu and James A. Robinson
"The Dictator's Handbook: Why Bad Behavior is Almost Always Good Politics" by Bruce Bueno de Mesquita and Alastair Smith
You’re spot on, Matt-