| Abstract: | Political economy predicts that national leaders opt for economic development when institutions encourage them to extend their time horizons. By contrast, leaders turn predatory if they feel at risk. Leaders are most able to bear risk right upon taking office, but this can be offset by a perception of high volatility in office holding or by concern about catastrophic losses. Political institutions can therefore discourage predation by fostering recurrent, predictable replacement of leaders without harsh payback for ex-leaders who acted developmentally. Cataloguing all national leadership transitions in Africa since 1960, the article demonstrates that electoral cycles, term limits and the prospect of judgement before international tribunals have lately led to declines in the volatility of top office holding and in the risk of catastrophic loss to the occupants. These new institutions have yet to establish full credibility, but they show promise of altering African leaders' risk assessments to encourage more developmental rule. |
