Political Stability And Economic Growth Essay example

777 Words Oct 13th, 2015 4 Pages
Just over a few decades ago, China, South Korea and Singapore were among the poorest with underdeveloped, weak economies. However, these economies were able to grow rapidly and successfully as they were under the authoritarian regimes during their period of growth. Now, the question is: How has authoritarianism helped these states in achieving economic growth? Political stability is one of the most significant authoritarian advantages to economic growth because it allows leaders to come up with long-term planning. In the case of democratic politicians, projects that one party considers to be important cannot be carried forward as soon as the opposing party wins office. On the other hand, authoritarian leaders have better chances of properly concluding their planned projects since electoral terminal is not applicable to them. People do not have the power to vote out the leaders. Most of the developmental plans do not have short-term payoff, thus having political stability is advantageous to economic growth. The serving terms of the authoritarian leaders of China, South Korea and Singapore support this point.
China’s authoritarian leader, Mao Zedong was in office for 29 years and Xiaoping stayed in office for 6 years. The dictator of South Korea, Park Jung-hee, served as a leader for 17 years. Lastly, the authoritarian leader of Singapore, Lee Kuan Yew was in office for 31 years. When compared to today’s term limit, which, on average, is 4 to 5 years, these leaders were in…

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