Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: RealMuLan who wrote (36498)	7/25/2003 12:03:26 PM
From: energyplay	Read Replies (1) of 74559

Hi Yiwu - Democracy was neccessary for capitalist development in the West as it transformed from feudalism to various forms of nationalism. Much of Asia has bypassed that transisition, due to displacments of World War II. Democracy is actually an impediment for rapid developmnet WHEN a country is VERY POOR, like South Korea and Singapore were. FOrced saving is needed, and this is politically difficult when peoople are actually hungry. After the early stages of development, democracy becomes increasingly useful. Examples - The less-than-democratic state (dominated by the LDP) in Japan has kept them mired in a quasi-recession for a long time, lead ot mis allocation of capital, and produced a number of serious crisises which could have wrecked a very successful economy. South Korea and Taiwan have been more democratic and much more adaptive to problem solving. A Kim Dae Jung equivalent could not have been elected in Japan.

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