This article contributes to current discussions on state capacity, quality of institutions, and political regimes. Our analysis demonstrates that the J-curve argument ("good institutions" in autocracies as compared to hybrid and transitional regimes) may not be generic and is not well supported by empirical evidence from the sample of post-Soviet countries. An explanatory model of the "King of the Mountain" is instead provided. Its focus is on the monopoly of political rent as a precondition for extraction of economic rent. It demonstrates an inverse correlation between the quality of institutions and the extraction of political and economic rent, and explains why an autocrat may not have an incentive to improve institutions that may make his/her monopoly vulnerable, and rather would prefer to preserve a low quality of institutions and "bad enough governance." An analysis of a variety of external and domestic factors that may endanger this monopoly is provided. Finally, the autocrat's alternative strategic choices are analyzed. It is argued that better payoffs for the autocrat -paradoxically -may result from partial reforms and improvement of the quality of institutions. However, for various reasons, this is not occurring in post-Soviet autocracies.protection, unemployment insurance, asset redistribution, and fostering markets. Another approach is that of Bäck and Hadenius (2008), who consider stateness as the capacity of state entities to maintain sovereignty. A more detailed focus is taken by Hendrix (2010) via defining state capacity in terms of military capacity, bureaucratic or administrative capacity, and the quality and coherence of political institutions. An institutional approach is found in Fortin (2010), with state capacity measured by five indicators -corruption, contract-intensive money, infrastructure reform, protection of property rights, and tax revenue. Another understanding of state capacity is presented by Lapuente (2010, 2011), who equate state capacity with the quality of government (as assessed by such measures as the International Country Risk Guide and the Worldwide Governance Indicators [WGI]). Thompson (2014) considers state capacity as "state strength," which is measured by indicators reflecting state fiscal capacity (income tax revenue as a proportion of gross domestic product), state coercive capacity (coercive capacity scale), legitimacy ("voice and accountability," "government effectiveness," "rule of law," and "control of corruption [WGI]) and armed force monopoly ("political stability" [WGI]).There are also different approaches to the problem of the relationship among state capacity, quality of institutions, and political regimes. For example, Tilly (2007) provides a theoretical typology of "crude regime types" along two axes (state capacity and democracy): high-capacity/undemocratic (e.g., Kazakhstan); low-capacity/undemocratic (e.g., Somalia); high-capacity/democratic (e.g., Norway) and low-capacity/democratic (e.g., Jamaica). Rose and Shin (2001), Bratton (2004), Bratton and ...