Institutions, democracy and economic growth
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Growth and democracy represent two profound aspirations of mankind: prosperity and freedom. This book is an attempt to offer empirical evidence, theoretical analysis and further perspectives on the effects of democracy on economic growth. As to the empirical evidence, over the last three decades democracy and growth have run in parallel, as most countries experienced a synergic success in improving both prosperity and freedom. Behind this evidence, though, we remain in need of further exploring the concepts of democracy and growth and their relation, especially in view of the fact that the econometric approaches seem to reach inconclusive results as to whether democracy fosters or hinders economic growth.
The exploration is undertaken by addressing both political science and economics contributions to the understanding of the democracy/growth nexus. Thus, it is possible to clarify the theoretical paradox and to develop an original framework of analysis to address the issue. The analysis of this book highlights a core characteristic of the relationship between democracy and growth, namely: the nexus exists, it is strong, but it is indirect, channelled by institutions. Institutions – properly “unbundled” – are pivotal in the transmission of the effects of democracy on growth. The present book provides a framework for the analysis of the relationship between institutions, democracy and growth and it is proposed to scholars in the field of social sciences, post-graduate students and simply curious people.
Domenico Rossignoli is graduated in Political Science and International Relations at Università Cattolica del Sacro Cuore in Milan, where he also achieved the post-graduate degree (Laurea Specialistica) in International Relations and European Integration, being awarded the Agostino Gemelli Prize "Laureate of the Year". He has got an MSc in Political Science and Political Economy at the London School of Economics in London (UK) and a PhD in Institutions and Politics (Economics field) at UCSC in Milan, carrying out an empirical research on the indirect effect of democracy on long-run economic growth, by the channel of institutions. He is currently Post-Doctoral Research Scholar at the International Economics, Institutions and Development Department at UCSC. He also collaborated with public and private research institutes.
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