The Greatest Risk for Business Is Inaction

What It Is: An October 2026 article from the Horizons Project, which supports research on how civic and business actors respond to democratic backsliding. The authors draw on V-Dem democracy data and a 35-case study of backsliding episodes to argue that silence, not speaking up, is the larger risk for business. 

Why It Matters: Business leaders often underestimate how quickly democratic decline can compound. The authors cite research that democracies grow faster, face fewer economic crises, and borrow more cheaply, and that decay in courts, central banks, and regulators is a systemic risk. Business also has leverage: in the 35 cases studied, business withdrawing support raised the predicted odds of stopping backsliding to nearly 80%, versus 7.5% with little mobilization. This is a Responsibility b) concern for the civic institutions markets depend on. 

How to Use It: Use the recommendations to start a leadership or board discussion before an election is contested. Agree with peers on a shared response, protect employees who take stands, and review whether political spending matches stated values. The article points to collective, early action through trade associations and chambers of commerce, citing Brazil’s 2022 industry and civil-society statements and the 2020 joint statement on counting votes.