Identify the correct statement about democracy relating to its economic growth and development.

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Democracy guarantees economic growth.

Economic growth rate is less in democracy.

Democracies have higher economic growth.

Economic development is faster in a democracy.

answer is B.

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Detailed Solution

Dictatorships have a marginally more significant economic growth rate compared to democracies.
Democracy does not guarantee economic growth and development. Democracy's inability to attain higher economic development is problematic. Dictatorships have higher economic growth and development. But this alone should not be grounds to dismiss democracy. Economic growth depends on factors like population size, financial priorities adopted by each nation, etc. But the difference in the rates of economic development in developing countries with dictatorships and those with democracies is insignificant. So democracies will not always lag behind dictatorships in this regard.

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