Democracy Hinders Growth And Its Effect On Economic Development

Transitions to democracy have been explained in various ways. Modernization for instance, is one theoretical approach to explain why countries democratize. Additionally, social and cultural factors have also explained democratization, as well as, international factors. It becomes deductive to attribute democratization to any one single theory as modernization works with social and cultural factors that are also impacted by international factors. It appears as if they all contribute in one way or

and the effects it has on economic development, regime durability and civil wars in oil rich nations. What is it about oil wealth that seems to hinder development and trigger internal conflict? Scholars have examined the oil curse phenomenon from different perspectives and draw various conclusions from their analyses. Some have argued that oil wealth inhibits growth and development; others have questioned the resource curse thesis and argue that oil wealth over all has a positive effect on development

Introduction: Democracy has long been heralded as the optimum way for a country to develop economically. Certainly there are many positives in regards to development including more stability for investors and better quality of life on average in democracies. To say that being a democracy is the only way to benefit development however is a mistake as there are certain advantages that come with an autocratic regime as well. Each nation is different and there are drawbacks to both democratic institutions

Is democracy a necessary condition for development? In the modern and globalized world, it is common to find democratic institutions in the most economically developed countries. Democratic regimes look different all across the world, and the term itself is multi-faceted. For the sake of discussion, in its simplest terms, I will refer to democracy as a system of governance where the population that is governed elects their leaders. A substantive democracy would include more such the promotion

has been described by many authors as “the dominant ideology shaping our world today” (Saad-Filho and Johnston, 2005). Neoliberalism is an ideology for economic policy that many economies actively employ worldwide. The idea that neoliberalism is a reincarnation of liberalism suggests that they possess a number of similar core values as the development and demise of liberalism paved the way for neoliberalism to grow to what it has become today (Dag Einar Thorsen and Amund Lie, 2006). However, many people

Economic success defines a nations success in modern day society. Sure India has had a prosperous past. But as we continue in this post colonial world, the need to prove ourselves has only been higher. It has been over 60 years since we achieved independence and became a republic, we are yet to prove our “potential” to the world. The world’s parameter to determine our capabilities are high, just as it ought to be to encourage each nation to develop to its fullest ability. Competition generally helps

countries are inherently bound to have governments that hinder the development and spread of democracy, he looks at India, a nation that is relatively poor but has still managed to maintain a fairly high level of democracy. According to Diamond, oil-states can be generally defined as countries whose economies are dominated by oil. Among “the twenty-three countries whose economies are most dominated by oil today, not a single one of them is a democracy. (Diamond 74)” When oil initially becomes a large

Neither country has strong state institutions so political progress and economic development become difficult. A lack of state institutions lowers the standard of living and impedes civil rights. Corruption is also a “symptom of missing institutions” (McMillan 156). Corruption is a major obstacle in Nigeria and Angola which is influenced

are the best kind of systems in a country? The government is important, so is the economic system, but the judiciary system is always needed. The most successful government economic and judicial system that one could find across the world are Dictatorships, Socialism, and the Supreme Court Judicial System. First, Dictatorships, although disliked by many, can be extremely effective in decision making and growth and resilience of the country. For example, ‘Dictatorships allow for straightforward

Larry L. Day Aid, Policy and Growth: The Case of St. Lucia Abstract This paper takes a look at aid, policy and growth literature using data from St. Lucia, a country that received $24,000,000 US dollars in 2014. Our findings suggest that aid, in the presence of sound economic policy, does not contribute to growth in St. Lucia. However, this study does find statistical evidence to suggest that democratic governance and openness and monetary policy does impact the effectiveness