Abstract
There is a growing consensus across political circles in several developed countries and among donor agencies that democracy is an essential prerequisite for economic development. Empirical evidence, however, is inconclusive regarding the direction and the existence of the relationship between democracy and development. The purpose of this paper is to investigate whether (1) democracy or (2) political stability matters for economic development. Findings reveal that, unlike the prevalent political prescription, democracy has a statistically insignificant impact on economic development, whereas political stability seems to have a positive and statistical one. Interesting policy implications are discussed.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
