Abstract
Political stability is an important precondition for economic development. While political stability cannot be created by laws alone, an effective legal framework for political governance, such as a constitution, can facilitate political stability. Political stability is not synonymous with democracy; while civil liberty is often considered a key ingredient for prosperity, it has been historically observed that promotion of democracy, while an important value, does not necessarily lead to economic development. Successful economic developments in the East Asian countries, such as South Korea, Singapore, and Taiwan from the 60s to the 80s and in contemporary China show the importance of political stability in achieving economic progress albeit with certain democratic deficits. The system of political governance that creates political stability may differ from one place to another, depending upon political needs, cultural priorities, historical contexts, and popular aspirations. This paper considers these elements and also examines, based on local conditions and priorities, the kind of political leadership that has brought political stability and economic development, the question of democracy, and the legal frameworks conducive to sustaining political stability.
Acknowledgements
The author is grateful to Professor Maartje de Visser for insightful comments and Ms Annelie Ellen Stallings for editorial assistance.
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© 2019 Law and Development Review
Articles in the same Issue
- Frontmatter
- Editorial
- The Constitutionalization of Development
- Articles
- Constitutionalism and Development: A Mismatch or a Dream-Team?
- Economic Constitutions in the Developing World
- Constitutional Judges as Agents for Development
- Political Governance, Law, and Economic Development
- Economic Constitutionalism in the EU and Germany – The German Constitutional Court, the European Court of Justice and the European Central Bank between Law and Politics
- Democratization of Foreign Policy: India’s Experience with Paradiplomacy
- The Judicial Enforcement of Socio-Economic Rights in South Korea
- The Right to Information and Transformative Development Outcomes
- Note
- South Korean Economy at the Crossroads: Structure Issues under External Pressure – An Essay from a Law and Development Perspective
Articles in the same Issue
- Frontmatter
- Editorial
- The Constitutionalization of Development
- Articles
- Constitutionalism and Development: A Mismatch or a Dream-Team?
- Economic Constitutions in the Developing World
- Constitutional Judges as Agents for Development
- Political Governance, Law, and Economic Development
- Economic Constitutionalism in the EU and Germany – The German Constitutional Court, the European Court of Justice and the European Central Bank between Law and Politics
- Democratization of Foreign Policy: India’s Experience with Paradiplomacy
- The Judicial Enforcement of Socio-Economic Rights in South Korea
- The Right to Information and Transformative Development Outcomes
- Note
- South Korean Economy at the Crossroads: Structure Issues under External Pressure – An Essay from a Law and Development Perspective