Democracy needs effective checks and balances

The recent surge of corruption and looting scandals should erase any doubts that there are possible national benefits in autocratic regimes.

The scandals illustrate what a lack of transparency, accountability and adequate checks can do to an economy and a society. For make no mistake, the looting we are now discovering is all about impunity, a sense of entitlement and lack of transparency and accountability, which are the hallmarks of autocracy.