How democracy leads to economic growth …

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How democracy leads to economic growth and development?

Posted by Dibyaranjan Rout 5 years ago

CBSE > Class 10 > Social Science

2 answers

Sikha Oram 5 years ago

Thank you

1Thank You

Gaurav Seth 5 years ago

The contribution of democracy towards economic growth and development is a debatable topic. However, sometimes democracy has proven helpful.

Democracy consists of various stable and predictable institutions and tends to implement those policies which are beneficial to private enterprise. Thus, it results in higher rates of economic growth over a long period of time.
As democracy is accountable to the public rather than to privileged, they produce more public goods, invest more in human capital, maintain the rule of law and protect private property rights.
Democracy engages more in large-scale redistribution than autocracies. However, the various negative effects of redistribution are offset by the fact that democracies have lower barriers to entry, promoting competition and innovation.

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CBSE > Class 10 > Social Science