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3 Pages • Essays / Projects • Year: Pre-2021
Background In the last few decades, the economic growth of many Asian developing countries has been phenomenal. In their book “Why Nations Fail” Acemoglu and Robinson argued economic growth was primarily a result of the development of inclusive democratic institutions that “created incentives, rewarded innovation and allowed everyone to participate in economic opportunities”. As reported in an article in The Economist (2013) Paul Collier, however, argued that “authoritarianism can be good for growth”, citing South Korea in the 70’s and China in the 80’s to present as examples. In the same article, the writer reminded us that while China’s fast growth occurred in an autocratic regime, “whether autocracy-led growth is sustainable is another”. Task Discuss if democratic institutions are necessary for sustained economic growth. Note: This topic is more complex, and so you need to do a bit more research on this topic besides using ideas discussed in class. Again, you are expected to outline the key points only in your argument in view of the word limit.
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