Democracy and economic freedom in a global modernization process: the case of Ukraine

Olena Liakhovets ()
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Olena Liakhovets: Petro Mohyla Black Sea State University, Ukraine

Review of Applied Socio-Economic Research, 2013, vol. 6, issue 2, 160-171

Abstract: The paper deals with the basic social and economic values which are associated with the modernization process in the economy of Ukraine. The analysis of statistical data shows that Ukraine is moving too slowly towards modernization, which is threatening for its stable economic development. There are many institutional factors that affect the modernization process. According to most scientists, among them are obsolescence of economic and social institutions, lack of innovation incentives, lack of interest of the state elites in profound changes, underdevelopment of democracy etc. among them. Democracy is considered to be the main consequence of the economic reforms as several researches have shown. We build linear regression to verify the assumption that modernization is closely associated with democracy using Polity IV and Freedom House indicators in Ukraine. As a result, the democracy level does not appear to be a consequence of the economic reforms success in Ukraine. Thus we assume that other institutional expressions of democracy combined in the Index of Economic Freedom are associated with economic development, such as income per capita. The model we build represents a close link between the Index of Economic Freedom and log income per capita, which is evidence of that the freedom in business, labour, trade and some other economic issues are the complements of modernization in Ukraine.

Keywords: democracy; economic freedom; globalization; income per capita; modernization (search for similar items in EconPapers)
JEL-codes: F63 O14 O43 (search for similar items in EconPapers)
Date: 2013
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