Democracy and Prosperity: Analyzing Political Systems and Economic Results Through History
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Keywords
Democratic Governance, Economic Development, Historical Analysis, Political Systems, Comparative Studies
Abstract
Examining how democratic governance has impacted economic outcomes in various temporal and regional contexts, this article uses a historical lens to analyze the relationship between political democracy and economic progress. In order to investigate the fundamental mechanisms by which democracy influences economic policies and growth trajectories, this study uses a comparative historical analysis to focus on three key cases: post-war Japan, modern India, and the British Iron Revolution. By promoting improved governance, stimulating investment, and aiding in the creation of social capital, democratic institutions frequently promote economic development, according to the data. Nonetheless, the research also emphasizes how certain historical, cultural, and socioeconomic elements play a major mediating role in how well democracy fosters economic progress.
References
Dower, J. W. (2000). Embracing defeat: Japan in the wake of World War II. WW Norton & Company.
Drèze, J., & Sen, A. (2013). An uncertain glory: India and its contradictions. Princeton University Press.
Friedman, M. (2002). Capitalism and freedom. Columbia University Press.
Lipset, S. M. (1959). Some social requisites of democracy: Economic development and political legitimacy. American Political Science Review, 53(1), 69-105. https://doi.org/10.2307/1951731
Sen, A. (1999). Development as freedom. Oxford University Press.
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