We consider a simple political-economic model where capitalist investment is constrained by the government's temptation to expropriate. Political liberalization can relax this constraint, increasing the government's revenue, but also increasing the ruler's political risks. We analyze the ruler's...

[Introduction] In two widely read articles, Roberto Foa and Yascha Mounk reach the alarming conclusion that support for democracy is in a rapid generational decline. The remarkable point about this diagnosis is its emphasis on the Millennial generation's fading support for democracy and the...