Masters of Scale A warning for business leaders: Aspiring autocrats tank economies
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Dec 6, 2025 
Barbara F. Walter, a political scientist and author of "How Civil Wars Start and How to Stop Them," discusses the impact of political instability on economies. She highlights how anocratic systems, or partial democracies, create significant risks for businesses, including reduced growth and investment. Walter emphasizes the role of business leaders in strengthening democracy and offers examples, such as South Africa's transition away from apartheid, showcasing how collective action can foster stability. She warns that 45% of anocracies may devolve into autocracies, ultimately harming economic well-being.
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Middle-Zone Governments Are Most Unstable
- Partial democracies (anocracies) combine democratic and autocratic features and are the most unstable regime type.
- Most political violence and instability occurs in this middle zone rather than in strong democracies or hardcore autocracies.
Identity Politics Raises Instability Risk
- Countries with parties organized around identity (race, religion, ethnicity) face higher risk of instability and violence.
- Identity-based politics amplifies the danger when combined with partial democratic institutions.
Businesses Can Protect Democratic Stability
- Business is one of the three pillars that can strengthen American democracy alongside political leaders and voters.
- Companies have outsized influence on elections and policy and should consider using that power to protect stability.
