Best Route for Economic Development for Poor Countries

Is democracy excellent for the economic growth? Democracy is a multifaceted concept, a political structure based ahead the right of citizens to take part in political decision making during representation; whereby simply laws essential to continuing democratic procedures are compulsory standard to terming a state democratic.

have chosen my topic as “Is Democratic Capitalism really democratic?” since I am currently learning about the globalization and I think it is a very interesting topic to study about. To study about globalization, capitalism is something that must be acknowledged in prior because it is the universal, and core mechanic of globalization. Many of the democratic countries have adapted capitalism to operate their economic system which values market activities as the most important driving force. (“Section On The Political Economy of The World-System”, 2015) Market is operated by diverse companies that are rooted not only from the country but also from other foreign countries which makes it sense that all ideologies, cultures and commodities of different

In an autocracy government, power is ruled by one person and the leader has an absolute authority over politics and business sectors. If businessmen invest their money in any business, the head of the government must be satisfied, who is the autocratic leader, otherwise it would be no way to survive. Unfortunately, today some parts of the world still struggling having autocratic leaders and their people are in turmoil in terms of investing because there is not a stable government. However, some argue that autocratic governments are stable environments for business because since one person has the control and the leader might not get involved for levying mass taxes on businesses or monopolizing business sector. On the contrary, business has grown up in democratic nations for the last decades since, businessmen are stable in democratic nations. In this essay, I talk about different points of views of scholarly writers whom they believe which government system is a better environment for business. Facts and analysis will determine the betterment of business in democracy or autocratic?

In a democratic government also depends on freedom of press and freedom of assembly. Freedom of press is the occurrences that happen every day that are informed or detailed through television, newspaper, internet, magazines or speech without adding or removing any type of information that do not benefit a particular sector. And also is that the people have the right to have their own type of press to express their ideas. Today, freedom of press is a utopia because every country has their own secrets, and covers important information to their citizens. With freedom of press, the countries will have a perfect government not so perfect but the people need to know the truth. The democratic government is a form of government in which the people, either directly or indirectly, take part in governing. “Democracy is the worst form of government except for all those others that have been tried.” This is because there is no system that can perfectly order society. Usually the purpose of democracy is to prevent tyranny (the accumulation of

An important element to consider is the role democracy plays on presidential terms and elections. The respect of human rights is a significant attribute in a democratic environment and economy. Democracy allows the rights of citizens to be respected, such as an individual’s speech, religion or ethnicity. In a democratic economy every citizen has the

In his argument on the universal value of democracy Amartya Sen discusses the relationship between democracy and economic development. He notes that it is often claimed that nondemocratic systems are better at bringing about economic development than democratic ones. Sen disagrees with this claim. He asserts that this hypothesis is based on "very selective and limited information" (3). He admits that it is true that some disciplinarian states, like South Korea, Singapore, and postreform China, have had faster rates of economic growth than many less authoritarian ones, like India, Jamaica, and Costa Rica (3). However, he points out that this very selective evidence cannot be used to establish the general hypothesis that nondemocratic systems are better at bringing about economic development (3). "There is no convincing evidence that authoritarian governance and the suppression of political and civil rights are

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

This essay seeks to critically analyze the statement that “Economic liberalism is a prerequisite for economic development in development economies.” This paper will begin by outlining the concept of economic liberalization and its effect on the development agenda for Zambia. An analysis of these experiences is then made in order to derive lessons regarding the linkage between economic liberalization and economic development. It will then draw the pros and cons; positives and negatives effects of economic liberalism in the Zambian economy and will finally conclude by establishing the way forward for developing

Also democracy provides political rights, civil liberties and freedom of press, freedom of association and freedom to oppose to their governments without being afraid of the consequences. Each nation has a unique democratic way of controlling things and under a democratic system people in Latin America could be govern by the government that they choose to and not the military authority or dictatorship. In order to form democracy in Latin American there had to be revolution against authority and the violence that imposed to their citizens. (Isbester K., 2011) O’Donelli defines democracy as ‘patterns, formal and informal and explicit or implicit, that determine the channels of access to principal government positions; the characteristics of the actors who are admitted and excluded ... and the resources and strategies that they are allowed to use for gaining access’

The first source is a review discussing Francis Fukuyama’s book ‘The Origins of Political Order.’ The source addresses both political and economic issues. The author of the source expresses his agreement with Fukuyama’s ideas and his support for liberal capitalist democracy. Fukuyama states that because of the system’s ability to balance ‘material comforts’ with liberty and order, all societies would eventually evolve to become democracies. Fukuyama's main argument was that modern societies are best served by a government capable of both capitalism and democracy, as no other system could supply the stability and economic growth associated with a liberal capitalist democracy. The source expresses support for this

As stated before, some people argue that there is a relationship between both indicators, with economic development causing democracy. Based on the data presented here, I would say that that might be true in some countries, but not in the ones that have been addressed here. For example, Russia has a greater GDP per capita than Mexico, but it is considered to be a not free country, while Mexico is a partly free one with a lower GDP per capita. Yes, Russians might have a greater income per capita, but they are not free people. In sum, it can be said that democracy and economic development play huge roles in the development of a country, however these are not the only factors that need to be taken into consideration, and it

In his argument on the universal value of democracy Amartya Sen discusses the relationship between democracy and economic development. He notes that it is often claimed that nondemocratic systems are better at bringing about economic development than democratic ones. Sen disagrees with this claim. He asserts that this hypothesis is based on "very selective and limited information" (3). He admits that it is true that some disciplinarian states, like South Korea, Singapore, and postreform China, have had faster rates of economic growth than many less authoritarian ones, like India, Jamaica, and Costa Rica (3). However, he points out that this very selective evidence cannot be used

Thus, according to this theory, underdeveloped countries are perceived as "backward" compared to developed countries as models for having reached the final stage of development presented by Rostow [2]. As highlighted sociologists' modernization Talcott Parsons (1951) and Alex Inkeless (1964), changing values and social structures is a fundamental basis of the process of economic development of a country factor. Indeed, the traditional values of a country need to be replaced by modern Western values , emphasizing individualism and rationality, because without this change of mentality, traditional societies cannot develop modern institutions it are needed to promote progress and economic growth, the ultimate goals of modernization, and ensure the maintenance of order can be challenged by the changes that cause the development [3].

Most of the developing countries are mired deeply in economical obstacles, which prevent them from development significantly. In order to overcome those embarrassments world’s society struggles to find the efficient solution for poor countries’ economies. Historically, developed countries undertook policy of giving aid to their colonies, afterwards by the end of The Second World War the United States and United Nations embarked the global sponsorship to the developing countries and countries of the Third World due to humanitarian considerations. Since then many other countries have joined in the effort to provide financial aid to lesser developed or poverty ridden countries. But none of those countries that received an aid had experienced a prosperity phase and rapid economic growth.

The term developmental state has been widely utilised to describe any state experiencing a period of economic development and improvement in living standards (Pham, 2012). One of the most significant arguments in this scope is the performance of developmental state model. A number of scholars have attempted to investigate this issue and arguments can be divided into three categories. Proponents of state intervention indicate that the state plays an indispensable role in directing economic development and utilising the resources of the country to achieve development goals. On the contrary, those who oppose state-led model argue