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Democracy and Economic Development

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    Abstract

    With the goal of freeing the world from poverty, some Western authorities have consistently insisted on promoting democracy in totalitarian states in the past decades. Seeing that democratic political system are stably established more and more in many countries, an opportunity arises to determine the effects of democracy on economic development. Taking advantage of this fact, this paper attempts to explore whether or not democracy contributes largely to prosperity of a nation. The conclusion is that, whereas democracy acts as a catalyst that influences prosperity in many already well-to-do nations, democracy per se is not significantly beneficial to low initial income countries. Another interesting point found in this study is that the Western colonialism tends to be one of the most significant factors in explaining poor economic development in many regions of the world today.

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    File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0911.pdf
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    Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0911.

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    Date of creation: Nov 2009
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    Handle: RePEc:vie:viennp:0911

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    Web page: http://www.univie.ac.at/vwl

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    1. Acemoglu, Daron & Johnson, Simon & Robinson, James A. & Yared, Pierre, 2009. "Reevaluating the modernization hypothesis," Journal of Monetary Economics, Elsevier, vol. 56(8), pages 1043-1058, November.
    2. Daron Acemoglu & Simon Johnson & James A. Robinson & Pierre Yared, 2008. "Income and Democracy," American Economic Review, American Economic Association, vol. 98(3), pages 808-42, June.
    3. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions As The Fundamental Cause Of Long-Run Growth," DOCUMENTOS CEDE 002889, UNIVERSIDAD DE LOS ANDES-CEDE.
    4. Stiglitz, Joseph E, 2002. "Participation and Development: Perspectives from the Comprehensive Development Paradigm," Review of Development Economics, Wiley Blackwell, vol. 6(2), pages 163-82, June.
    5. Adam Przeworski & Fernando Limongi, 1993. "Political Regimes and Economic Growth," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 51-69, Summer.
    6. McMillan, John, 1994. "China’s Nonconformist Reforms," Institute on Global Conflict and Cooperation, Working Paper Series qt9cn9b13c, Institute on Global Conflict and Cooperation, University of California.
    7. Papaioannou, Elias & Siourounis, Gregorios, 2008. "Economic and social factors driving the third wave of democratization," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 365-387, September.
    8. Elias Papaioannou & Gregorios Siourounis, 2008. "Democratisation and Growth," Economic Journal, Royal Economic Society, vol. 118(532), pages 1520-1551, October.
    9. Dennis C. Mueller & Thomas Stratmann, 2002. "The Economic Effects of Democratic Participation," CESifo Working Paper Series 656, CESifo Group Munich.
    10. John Luke Gallup & Jeffrey D. Sachs & Andrew Mellinger, 1999. "Geography and Economic Development," CID Working Papers 1, Center for International Development at Harvard University.
    11. Gallup, J.L. & Sachs, J.D. & Mullinger, A., 1999. "Geography and Economic Development," Papers 1, Chicago - Graduate School of Business.
    12. Robert J. Barro, 1999. "Determinants of Democracy," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages S158-S183, December.
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