Impact of Democracy on Economic Development Essay

Impact of Democracy on Economic Development - Essay Example A case example is Mali. In the year 1985, per capita income of Mali was $532, dictatorship increased at a rate of 5.35%. Hence the question arises, could economic development have been different if there was democracy in Mali? A comparison of France indicates that in 1985, France which is a democracy had per capita income of $12206 and it grew at a rate of 1.43% (Ndulo 2006). These statistics indicate that most poor countries have a slower economic development than the rich countries due to democracy. In 1985, Mali was not a democracy as it was full of dictatorship thus slow economic development while France which is a democracy experienced a fast economic growth. This assumption is however not very true as democratic nations are still prone to poor economic growth as there some are underlying factors that affect both economic development and democracy. We can therefore conclude that democracies are common in economically developed countries as compared to poor countries that have a poor economic growth. The explanation behind this is not because democracies are likely to appear due to economic development, but because of their likelihood of survival should any eventuality occur. Democracy varies with different countries but when the correct democracy is applied there is a higher chance of economic