The relationship between democracy and economic development

UDC 338

Authors

Kozyrev M. V.,
Bachelor of Faculty of Global Studies,Moscow State University M. V. Lomonosov

Abstract

The article focuses on the fundamental issue of the relationship between economic growth and democracy. This topic is considered as one of the possible hypotheses why some countries achieve economic prosperity, while oth-ers remain in their "rut". The conclusion of economists that there are no stable links between economic growth and democracy leads to a new branch of re-search on this topic. Scientists answer the question whether there are qualitative differences in economic growth in democratic and more authoritarian countries. Concluding that economic growth in democracies is smoother and more progres-sive than intermittent and unstable economic growth in authoritarian countries. Democratic States tend to be more redistributive and invest in human capital rather than physical capital. Scientists also answered what conditions should exist in an authoritarian state for economic growth.

Keywords

democracy, economic growth, economic development, autoc-racy, developed countries, dictatorship.