Vladimir Putin's rise to power in Russia was facilitated by his focus on economic stability. Despite inheriting a chaotic economy, Putin delegated economic policy to competent technocrats, implementing reforms that sparked investment and improved the entrepreneurial climate. This, combined with high oil prices, led to significant economic growth and increased Putin's popularity.
The 2008 financial crisis tested Putin's approach. While a nationalist surge initially boosted his approval ratings, the Kremlin implemented an anti-crisis plan and leveraged propaganda to reassure the nation. The focus was on preserving the quality of life for ordinary Russians.
Putin's success was partially attributable to his competent technocrats, who prioritized economic stability over ideological posturing. They worked to tame inflation and stabilize the ruble, even amidst heavy sanctions.
In contrast, Donald Trump's approach lacked this focus on economic competence. Trump's chaotic economic policies, coupled with inconsistent messaging, created market instability and undermined public confidence. He prioritized cultural grievance and personal charisma over economic results.
The article concludes that while authoritarianism itself is dangerous, a lack of economic stability poses a significant threat to the authoritarian leader's power. Putin's success lay in a transactional relationship with the Russian people, delivering economic stability while using propaganda and repression to maintain control. Trump's failure to maintain economic stability, without establishing a compelling ideology, leaves him vulnerable.