Words of Wisdom:

"i may be a loser but atleast i'm not alone" - Saqi


  • Date Submitted: 01/16/2014 06:28 AM
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Some authors hold that a democratic government and economic development have a reciprocal effect on each other. A classic example is Friedman. He believes that more democratic political rights will reinforce economic rights and therefore will be beneficial to economic development; on the other hand, the assurance of the individual's economic freedom results in, and is predicated upon, the maintenance of a free-enterprise exchange economy that constitutes an ideal economic arrangement for a free society (Friedman 1962). Although he also stressed that some activities of the democratic government, such as income redistribution, would tend to retard economic development, these activities are not peculiar to democracies. In Friedman's opinion, what retards economic development is not democracy, but governmental interference.
Some scholars view the favorable effects between a democratic government and economic development as single-directional; that is, economic development leads to democracy, but democracy retards economic development. Therefore democracy would be directly related with economic level, but inversely related with economic growth, since wealthy countries might have reached high economic level for other reasons, but would slow down after democracy is established, while for poor countries economic development has not create a favorable environment for democracy but thus they would also enjoy economic growth not retarded by democracy. Almost all the advanced economies of the world, including the United States, Japan, Germany, Great Britain, Russia, etc., and also almost all the emerging economies in contemporary world, made their initial take-off and fastest growth under non-democracy, or at least not under the kind of democracy we have in mind today.
At lower stages of economic level, democracy would be unfavorable to economic development, while at the higher level, democracy would do...


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