The effect of political regimes and technology on economic growth
Do political regimes have a significant effect on economic growth? This study builds on the new neoclassical growth model to identify economic determinants of growth, and explicitly tests for the influence of political variables on economic performance for the 1990s. The results suggest that democracies and bureaucracies significantly outperform autocracies. Economic growth is also promoted by increased protection of property rights, and higher investment in education. Moreover, technology has become a requirement for efficient production, and hence, is crucial in promoting growth. Countries can therefore increase the level of economic growth by increasing the levels of education and technology in the economy, and establishing codified laws to foster property rights.
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Volume (Year): 39 (2007)
Issue (Month): 11 ()
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