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Democracy and Development: New Thinking on an Old Question

Author

Listed:
  • Jagdish Bhagwati

    (Columbia University)

Abstract

This paper argues on the basis of experience over the last half a century that a desirable political system like democracy need not be detrimental to economic development. Thus, it rejects the old thesis of "cruel dilemma" which presumed that faster economic progress could be achieved only under authoritarian political regimes giving rise to the phenomenon of a trade-off. It is also brought out that democracies are likely to promote world peace which helps economic growth. Finally, markets can deliver growth with or without democracy. Democracy without markets is unlikely to promote significant improvement in economic welfare of a nation.

Suggested Citation

  • Jagdish Bhagwati, 1995. "Democracy and Development: New Thinking on an Old Question," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 30(1), pages 1-18, January.
    • Handle: RePEc:dse:indecr:v:30:y:1995:i:1:p:1-18
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    Citations

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    Cited by:

    1. Simplice Asongu & Jacinta C. Nwachukwu, 2016. "Law, Politics and the Quality of Government in Africa," Working Papers of the African Governance and Development Institute. 16/019, African Governance and Development Institute..
    2. Subhani, Muhammad Imtiaz & Osman, Ms. Amber & Lakhiya, Zubair, 2011. "The Structure and Performance of Economy of Pakistan (Comparative Study between Democratic and Non-Democratic Governments)," MPRA Paper 34732, University Library of Munich, Germany, revised 2011.
    3. Vivek H. Dehejia, 2007. "Democracy and Development: Friends or Foes?," Carleton Economic Papers 07-11, Carleton University, Department of Economics.
    4. Simplice A. Asongu, 2014. "Finance and Democracy in Africa," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 6(3), pages 92-116, October.
    5. Ratan J. S. Dheer, 2017. "Cross-national differences in entrepreneurial activity: role of culture and institutional factors," Small Business Economics, Springer, vol. 48(4), pages 813-842, April.
    6. Muhammad Zakaria & Bashir Ahmed Fida, 2009. "Democratic Institutions and Variability of Economic Growth in Pakistan: Some Evidence from the Time-series Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 48(3), pages 269-289.
    7. M. Adnan Kabir & Najib Alam, 2021. "The Efficacy of Democracy and Freedom in Fostering Economic Growth," Emerging Economy Studies, International Management Institute, vol. 7(1), pages 76-93, May.
    8. Zuazu, Izaskun, 2019. "The growth effect of democracy and technology: An industry disaggregated approach," European Journal of Political Economy, Elsevier, vol. 56(C), pages 115-131.
    9. Asongu Simplice, 2011. "Law, Democracy and the Quality of Government in Africa," Working Papers of the African Governance and Development Institute. 11/018, African Governance and Development Institute..
    10. Muhammad Ishtiaq & Muhammad Tariq Majeed & Muhammad Sohail, 2016. "Financial Sector, Democracy and Economic Growth: A Panel Data Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 55(4), pages 437-453.

    More about this item

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population

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