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From Shock to TherapyThe Political Economy of Postsocialist Transformation$
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Grzegorz W. Kolodko

Print publication date: 2000

Print ISBN-13: 9780198297437

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198297437.001.0001

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Marketization and Democratization

Marketization and Democratization

Chapter:
(p.228) (p.229) 10 Marketization and Democratization
Source:
From Shock to Therapy
Author(s):

Grzegorz W. Kolodko

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198297437.003.0011

This chapter cites from various countries successful accounts specifically regarding national output, where democracy is perceived to be absent. But, it is irrational to conclude that autocracy and growth have a direct relationship with each other and that, inverse associations exists between development and democracy. To support this notion, the chapter elaborates on the three justifications on how democratic practices and organisations positively contribute to economic activities that eventually foster growth. First it refers to the idea that the term itself means freedom to enter into any field of business given a free market system; and consequently, entrepreneurs acquire returns, which then influence nationwide output. Second is the assertion that democracy puts forward a basis for an efficient economic guiding principle. And lastly, democracy augments the propensity for growth if and only if politics does not overrule economics. In the latter part of this chapter, these reasons are integrated into the general argument. The chapter provides an identification of possible resolutions using the feedback loop paradigm.

Keywords:   national output, democracy, growth, autocracy, development, feedback loop, free market

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