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Kleptocracy
Corrupt, thieving government, in which the politicians and bureaucrats in charge use the powers of the state to feather their own nests. Russia in the years immediately after the fall of communism was a clear-cut example, with Mafia-friendly government members allocating themselves valuable shares during the privatisation of state-owned companies, accepting bribes from foreign businesses, not collecting taxes from "helpful" companies and syphoning off international aid into their personal offshore bank accounts.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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