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Does Democracy Facilitate Economic Reforms - Essay Example

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The power of democracy in facilitating economic reforms can be better studied with the help of two neighbouring countries like India and Pakistan. The necessity of democracy in implementing economic reforms is a controversial subject. This paper analyses how far democracy facilitate economic reforms. …
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Does Democracy Facilitate Economic Reforms
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"Does Democracy Facilitate Economic Reforms"

Download file to see previous pages Moreover, human rights protection, secularism, freedom of expression, lack of censoring etc are some other characteristics of Indian democracy. On the other hand, India’s neighbouring countries like Myanmar/Burma, North Korea, Pakistan, Afghanistan etc are struggling to mobilize their internal resources because of the lack of democracy in these countries. These countries have severe internal problems which retard their efforts to attain economic growth. Pakistan and Afghanistan are believed to be the major contributors to global terrorism and they are facing the consequences of it now. Burma and North Korea don’t have any belief in freedom, liberty and human rights and their slow economic progress underlines importance of democracy in maintaining economic progress. Pakistan is considered as a democratic country by the Pak government and the Pak people; however, external political observers have strong disagreements. In a true democratic country, judiciary, executive and parliament will combine well and function together for the progress of the country. In Pakistan, these democratic institutions often clash each other. We have witnessed the removal of Pak Supreme court judge by the former Pakistan president Pervez Musharaf and the subsequent problems in Pakistan. “An independent judiciary prospers only in countries where democracy, human rights and in particular a free press, set a general framework stabilizing the rule of law” (Tomuschat, p.308). Judiciary is considered as an independent body functioning in a democratic country. Normally a democratic government will respect the rulings of the Supreme Court in that country even if they have different opinions. It is the duty of...
This paper approves that democratization puts in place a system of checks and balances that penalizes self-interested leaders, and creates an atmosphere conducive to economic liberalization policies whereas communism encourages the legacy of exploitation. In most of the nondemocratic countries, the power rested entirely on the shoulders of some dictators. These dictators may not have much interest in the development of the country because of the absence of any objections against their policies. In the absence of democratic institutional reform, it is nearly impossible to implement liberalisation policies that seek to de-monopolise the economy, and open it to competition. Healthy competition is necessary for the implementation of the economic reformation process. In the absence of competition, nobody will take much interest in seeking new ways to improve their productivity or competing power and the hence the economy will never grow.
This report makes a conclusion that without doubt or second thoughts, we can say that democracy facilitates economic reforms. Except China, most of the other countries which implemented economic reforms and achieved growth are democratic countries and hence the importance of democracy in stimulating economic growth cannot be neglected. China’s success in implementing economic reforms can be attributed to their readiness in borrowing and implementing some of the core principles of democratic administrations. In short, democracy and its principles definitely facilitate economic reforms. ...Download file to see next pagesRead More
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