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In recent years, several wealthy established democracies, including Israel and the United States, have fallen into crisis due to polarization and the rise of authoritarian politicians intent on monopolizing power. On the one hand, these democracies confront serious challenges. Yet, in contrast to other democracies in crisis, they also possess significant structural sources of pluralism. This paper explores how leaders’ attempts to monopolize power interact with high levels of economic and institutional development. Focusing on the United States, we argue that this interaction is more likely to generate political instability than stable autocracy.