Democracy and Development: New Thinking on an Old Question

Jagdish Bhagwati
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Jagdish Bhagwati: Columbia University

Indian Economic Review, 1995, vol. 30, issue 1, 1-18

Abstract: This paper argues on the basis of experience over the last half a century that a desirable political system like democracy need not be detrimental to economic development. Thus, it rejects the old thesis of "cruel dilemma" which presumed that faster economic progress could be achieved only under authoritarian political regimes giving rise to the phenomenon of a trade-off. It is also brought out that democracies are likely to promote world peace which helps economic growth. Finally, markets can deliver growth with or without democracy. Democracy without markets is unlikely to promote significant improvement in economic welfare of a nation.

JEL-codes: P16 P23 (search for similar items in EconPapers)
Date: 1995
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