Economic Institutions, Economic Development and Democracy
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Abstract
The impetus for the research is to explain the relationship between economic development and democracy in a nation, in the respect that the latter is the consequence of the former. Although almost everyone seems to agree on the point that economic development is the precondition for the stability of democracy, the issue of the establishment of democracy as the result of prosperity has still been controversial. This paper, therefore, attempts to seek explanations for this inconclusive argument by integrating economic institutional aspects into the study and see whether modernization should cause the emergence of democracy and its stability afterwards. The main finding suggests that good institutions lead to economic development. Economic development consequently creates favorable conditions for the emergence of democracy as well as its stabilization.
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