Democracy and Prosperity: Analyzing Political Systems and Economic Results Through History

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.