Democracy Expands Economies
THE WORLD GROWS STRONGER TOGETHER
Economic Growth and Stability
What It Means: When a country is run by the people, it usually does a better job managing money and keeping things stable.
Examples:
South Korea: After becoming more democratic in the 1980s and 1990s, South Korea grew really fast and became one of the world’s top economies.
Poland: After becoming democratic in 1989, Poland made big changes to its economy and joined the European Union, which helped it grow a lot.
Reduction of Corruption
What It means: In a country where people have a say, it’s easier to catch and stop bad behavior by leaders.
Examples:
India: India has laws like the Lokpal and Lokayukta Act to fight corruption and make the government more honest.
Taiwan: As Taiwan became more democratic, it worked on making the government more open and fair.
Enhanced Human Capital
What It means: Democratic countries often care more about education and skills, which helps people get better jobs and make the country stronger.
Examples:
South Africa: After the end of apartheid, South Africa worked hard to improve schools and training to help everyone get better jobs.
The Philippines: The Philippines focused on better education and job training, which helped more people get out of poverty and find good jobs.
Innovation and entrepreneurship
What It means: In countries where people can speak up, it’s easier to start new businesses and try new ideas.
Examples:
Israel: Israel is called the “Startup Nation” because it has lots of new companies and ideas. The government helps with money and rules.
Estonia: Estonia is a young democracy that became a tech hub with rules that help new businesses and digital services.
Social Safety Nets and Welfare Programs
What It means: Democratic countries often have programs to help people who need it, like giving money to poor families or free healthcare.
Examples:
Brazil: Brazil has the Bolsa Família program, which gives money to poor families if they keep their kids in school and healthy.
South Korea: South Korea has free healthcare for everyone and other programs to help people, which makes life better for everyone.
International Trade and Investment
What It means: Countries that are democratic are usually better at trading with other countries and getting foreign money to help their businesses grow.
Examples:
European Union: When countries in Europe became more democratic, they started trading more and got more foreign money, which helped their economies grow.
India: In the 1990s, India opened up its economy and became more democratic, which led to more foreign money and trade.
Economic Diversification
What It means: Democratic countries often try to grow in different ways, not just one or two types of jobs.
Examples:
Botswana: Botswana, a stable democracy in Africa, grew in tourism, farming, and services, not just mining. This helped the country grow and be less affected by changes in mining prices.
Costa Rica: Costa Rica, a stable democracy in Central America, grew in tech, tourism, and clean energy, not just farming. This made the economy stronger and more ready for the future.
Sustainable Development
What It means: Democratic countries often care more about the environment and making sure the future is good for everyone.
Examples:
Germany: Germany, a big democracy in Europe, works a lot on clean energy and protecting the environment. This helps the economy and the planet.
New Zealand: New Zealand cares about the environment and has rules to reduce pollution and protect nature. This makes life better and helps the economy grow in a good way.
