Authoritarianism has been reputed to be an efficient mode of governance, but my study of the dynamics and costs of personalist rule shows that the opposite is true. If the leader or his inner circle is under investigation, governance revolves around his defense, with time and resources focused on exonerating him and punishing those who might expose him, like prosecutors and journalists. Killing dissident elites and driving entire families into exile squanders generations of talent. Seizing or ruining profitable businesses, some built up over decades, hurts the economy. Far from being a
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