Correlation between Economic Development and Regime Types

Abstract

Democracy is considered by many to be the ultimate form of government. This paper tries to identify the effects of choosing certain regime types over others on the economic development of that society. Through careful review of several scholars’ works on this topic, this study finds that several key factors, such as how long has the newly created democracy existed, how well democratic institutions are established (free and fair elections, control over economy, rule of law etc.). Simply transitioning into a democracy does not guarantee economic growth, but maturing as a democracy does. This study seeks to provide a meaningful discussion and help its audience understand the more specific details of each type of regime, thus allowing for a closer examination of the debate of democracy versus autocracy. Through this paper, readers will be able to understand what makes a mature democracy, and how does a mature democracy help economic development.