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Has Democracy Become an Obstacle to Economic Prosperity in the Developed World?

Democratic governments by definition must have the support of the majority of voters in to remain in power. One potentially fatal flaw in this system is that whilst the majority wield the power to hire and fire politicians, this same majority consists of voters who are often ignorant of how the economy works and are either resistant or downright hostile to any changes that threaten their own short term self-interest. Appealing to popular misconceptions and fear mongering have become commonplace tools of attracting voter support even if the long term economic prospects of the country are diminished as a result.

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