Abstract
ABSTRACT The comparative causal effects of democracy and democratization on economic development in developed and post-communist nations (PCN) are the subject of the present study. The research question is, “Would democratization and established democracy cause economic development through economic institutions?” The instrumental variable estimation indicates that economic institutions created by their political systems (instrumental variables) had strong negative effects on economic growth in PCN. Political institutions were not instrumental variables in developed countries with their economic development. This fact indicates that only democratization, not established democracy, serves as an instrumental variable in economic development.
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