The dividends of democracy are worth the requisite investment

News: The world is seeing a continued rise of authoritarianism in countries such as Brazil, Turkey, and Russia. There is a need for urgent global action to fight it and to put democracy in action.

What does the research data suggest?

There is a growing aspiration for democracy among ordinary people seeking greater freedom and dignity. Pew Research survey of 17 advanced economies in 2021 shows disaffection of people with the lack of individual freedom in authoritarian states. According to the survey, a median of 74% of people in these countries had no confidence in Putin doing the “right thing in world affairs.”

How is democracy important?

Democracy is a key ingredient for economic advancement, as creating space for decent democracy nurtures innovation and consequently economic flourishing. Except for China, economic progress stalls in countries that are guided by religious fundamentalism or authoritarianism.

While many justify democracy as a means, democracy is an end in itself. Even if democracy slows economic growth, it brings equality which is vital for an equitable society.

India is the best example of how democracy can bring growth. Despite many economic mistakes, India’s investment in its education is bearing fruits today. Pickup of India’s democratic growth after the 90s is also an account of democratic dividend.

What is the USA’s role in strengthening democracy?

A recent study by the Roosevelt Institute points out how America’s neoliberal economic policies fuelled discrimination and inequity in many countries. Moreover, it intervened in countries like Chile, Cuba, and Central America to protect US corporate interests and not to support democracy.

Providing leadership to isolate authoritarian regimes requires the USA to take leadership.

Source: This post is based on the article “The dividends of democracy are worth the requisite investment” published in the Livemint on 3rd Mar 2022.