Many pundits and politicians attribute the rise of Russia’s oligarchs to Washington Consensus reforms, and “big-bang” privatisation in particular. Yet that explanation does not hold true for the purported emergence of an American oligarchy, recently highlighted by outgoing President Joe Biden in his farewell address.
As your columnist John Thornhill, a former FT Moscow correspondent, correctly notes “America today differs from 1990s Russia in countless ways” (“A lesson for oligarchs: politics can be deadly,” Opinion, January 17). The question is whether America has learnt from Russia’s experience.
It was Dwight Eisenhower, in his 1961 farewell address — which Biden references — who famously warned the nation about the “military-industrial complex”. He cautioned that the close ties between the defence industry and the military could acquire disproportionate influence over policy and public life.
While his warning permanently entered the American political lexicon, the enduring debate has not always led to the checks he envisaged, and concerns about powerful private interests overshadowing democracy have only broadened.
If left unaddressed, this threat could undermine the foundations of American polity and global democracy. Biden’s bid to start a national conversation is the first step.
The real question is how his successor will respond. One hopes Trump will follow the example of the 26th president, Theodore (Teddy) Roosevelt, whose trustbusting policies vigorously challenged monopolies.
Armen Martirosyan
Ambassador (Retired), Yerevan, Armenia