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There have been enormous efforts to spread democracy as a political system throughout the world by the developed democratic countries and the international development organizations including the World Bank. By the late 1990s the United States alone spent over a half billion dollars to promote democratic expansion throughout the world (Diamond, 2003). These were done considering that the democratic system leads towards development. As a result in the late 20th century we saw a huge political transformation towards democracy. During the last few decades a huge number of countries adopted democracy as their political system. However, it retain a big question how far democracy is successful in bringing development of a country?
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In the late 20th century we saw a rise of number of countries selecting their leaders through competitive elections (World Bank, 2005), which is noted by S.P. Huntington (2012) as ‘third wave of democratization’. Between the years 1989 to 2000 the number of democratic countries rose from 60 to 100 (World Bank, 2005); and now 117 of 195 countries (Freedom House, 2013) of the world are experiencing electoral democracy; while in 1960 the number were only about 40 and most of them were industrialized countries (Diamond, 2003). Even influenced by this pace of democratization, some scholars like Francis Fukuyama, asserted that in the global struggle over economic and political systems, capitalism and democracy has won (Fukuyama, 2006), although others argue that still it is far too optimistic (Ramaswamy & Cason, 2003). Nowadays, extensively, democracy exists virtually in all types of states; every religious, cultural and philosophical tradition; all sort of economic categories i.e. developed, undeveloped, and developing; and almost all region of the world except the Arab region. (Diamond, 2003). Many factors played significant role in this process of rapid democratization of the world. Huntington, the proponent of third wave, identified economic development is the key factor behind this rapid transformation.

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