On February 24, 2022, Vladimir Putin ordered the Russian military to initiate a full-scale invasion of Ukraine. The Russian people, outside of a few thousand brave[1] and quickly-punished protestors, had no way to prevent their government from going to war. It was the decision of a dictator.
Because there are no structural domestic checks and balances on Putin’s power, he was able to unilaterally push forward with an invasion that seems deeply unpopular with the Russian public. Within a few short hours, his decision detonated one-third[2] of the Russian stock market, tanked the ruble to record lows and evaporated the value of Russian bonds, sending some to zero[3]. Some of the harshest sanctions in history[4] have now been set in place against Moscow, preventing its banks from settling in dollars. Virtually all Russians — whether they are on the frontlines or back home — will suffer as a result of Putin’s decision.
One of the hallmark features of democracy is that citizens should, in theory, have a way to prevent their government from waging and prolonging unpopular wars. Through elected representatives, free media and dialogue around public spending, the argument goes that citizens of democracies should be more directly involved in warmaking. And if more countries become democracies, there will be less war, as democracies do not historically fight each other.
The problem is that this concept, known as “democratic peace theory[5],” is in danger of failing. As a result of the current dollar framework — in which America’s post-9/11 wars in Iraq, Afghanistan and beyond have effectively been paid for by borrowing — the U.S. may have already lost one of the greatest benefits of democracy: its promise of peace.
This essay advances three
