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Democracy And Economic Growth: A Perspective Of Cooperation, Menghan Yang, Li Zhang
Democracy And Economic Growth: A Perspective Of Cooperation, Menghan Yang, Li Zhang
Lingnan Journal of Banking, Finance and Economics
Does democracy cause higher economic growth? We build a model taking culture and interpersonal cooperation into account and find that democracy increases economic productivity through giving people more equal rights, which allows people to build a larger interpersonal network so that they can reduce investment risk and employ high-productivity (high-risk) methods in production.