What is the relationship between democracy and economic development? 🔊
The relationship between democracy and economic development is complex. Generally, democratic systems promote accountability and transparency, fostering an environment conducive to economic growth. In democracies, citizens have the right to influence decision-making and challenge policies that may undermine their prosperity. Additionally, democracies tend to support free markets, property rights, and the rule of law, all of which are essential for sustainable economic development. However, the relationship is not linear; economic disparities and corruption can influence democratic stability, and sometimes authoritarian regimes may achieve short-term economic gains. The interplay between these two elements continues to be an area of active study.
Equestions.com Team – Verified by subject-matter experts