Is democracy necessary for successful economic development
Is democracy necessary for successful economic development? What is the relationship between property rights and economic development?
In chapter 2, you\’ve read about correlation between political systems, ideology and economic systems. Democracy supports market economy and individualistic ideology. Totalitarian regime creates environment for command economy and collectivist thinking. India, being the largest democracy, is still behind many countries in its economic development. China, being a communist country with controlled economy, made a huge progress and became one of the most powerful countries. How would you explain it?A related question that I would like to hear your opinion about is about the relationship between property rights and economic development. Please back up your statements with the Text and/or external resources which should ve always be referenced. Thank you
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