Saudi Arabia’s King Salman has now replaced the 57-year-old Muhammad bin Nayif with his 31-year-old son, Mohammed bin Salman, as crown prince, signaling a clear break from a decades-old tradition of building consensus. That implies a return to the absolute monarchy established by Saudi Arabia's founder, King Abdulaziz Ibn Saud.
Unlike the 2008 global financial crisis, which was mostly a large negative aggregate demand shock, the next recession is likely to be caused by permanent negative supply shocks from the Sino-American trade and technology war. And trying to undo the damage through never-ending monetary and fiscal stimulus will not be an option.
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PRINCETON – Saudi Arabia’s King Salman has just replaced the 57-year-old Muhammad bin Nayif with his 31-year-old son, Mohammed bin Salman, as crown prince, completing a process of power centralization that began with Salman’s accession to the throne in January 2015.
Prince Mohammed, commonly known as MBS in Western circles, is the king’s favorite son. By appointing him as crown prince, Salman, who is now 81, has signaled a clear break from a decades-old tradition of building consensus among the leading sons of the Saudi state’s founder, the late King Abdulaziz Ibn Saud.
In structural terms, Saudi Arabia is no longer a power-sharing gerontocracy. It has returned to the absolute monarchy that it was under Ibn Saud himself. Power is concentrated entirely in the hands of the king, who has delegated most of it to his son, the new crown prince.
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