The term is a portmanteau between tandem (two persons or car lined one behind the other facing the same direction) and cracy (power).
So it means "the power of two persons".
The term is practically used only when referring at the Medvedev-Putin tandemocracy: in 2008 Putin could not run for the president position in Russia since he had already been in charge twice in a row and russian laws prohibits a third consecutive mandate.
In his presidential campaign Medvedev promised to make Putin his Prime Minister and when he was elected he kept his word.
Though the PM role is less significant then the President's Putin was by far the most popular politician and the general consensus is that he was at least as important as Medvedev with many considering him to be the actual person in charge.
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