A Quote by Raghuram Rajan
The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.
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The most widely discussed formulation of [the One World model] was the "end of history" thesis advanced by Francis Fukuyama. "We may be witnessing," Fukuyama argued, "the end of history as such: that is, the end point of mankind's ideological evolution and the universalization of Western liberal democracy as the final form of human government." The future will be devoted not to great exhilarating struggles over ideas but rather to resolving mundane economic and technical problems. And, he concluded rather sadly, it will all be rather boring.
Democracies stand on several key pillars: Free and fair elections, human rights, the rule of law, and a free untrammeled media. Until 2016, an open media was seen as a resilient democratic pillar that supported the others.
Viewed as a means to the end of political freedom, economic arrangements are important because of their effect on the concentration or dispersion of power. The kind of economic organization that provides economic freedom directly, namely, competitive capitalism, also promotes political freedom because it separates economic power from political power and in this way enables the one to offset the other
Good, healthy democratic societies are built on three pillars: there's peace and stability, economic development, and respect for rule of law and human rights. But often, we take stability - peace in terms of security and economic activity - to mean a country is doing well. We forget the third and important pillar of rule of law and respect for human rights, because no country can long remain prosperous without that third pillar.
Good, healthy democratic societies are built on three pillars: there's peace and stability, economic development, and respect for rule of law and human rights. And where all three are present, you stand a very good chance of making a go of it.
Populism is the simple premise that markets need to be restrained by society and by a democratic political system. We are not socialists or communists, we are proponents of regulated capitalism and, I might add, people who have read American history.
A democratic constitution, not supported by democratic institutions in detail, but confined to the central government, not only is not political freedom, but often creates a spirit precisely the reverse, carrying down to the lowest grade in society the desire and ambition of political domination.
Do we call this the land of the free? What is it to be free from King George the Fourth and continue the slaves of prejudice? What is it to be born free and equal, and not to live? What is the value of any political freedom, but as a means to moral freedom?
The idea that political freedom can be preserved in the absence of economic freedom, and vice versa, is an illusion. Political freedom is the corollary of economic freedom.
A free economy is as essential to society as democratic political institutions. A strong market-based economy is the fertile ground for democratic freedoms that we think are important.
If Reagan and John Paul II were linked by anything, it was a grand, ambitious, and generous idea of Western political civilization, one in which a democratic Europe would be integrated by multiple economic, political, and cultural links, and held together beneath an umbrella of American hegemony.
I am convinced that we will never build a democratic state based on rule of law if we do not at the same time build a state that is-regardless of how unscientific this may sound to the ears of a political scientist-humane, moral, intellectual and spiritual, and cultural.
The EU might have become a large federal nation. But they would have had to do things differently. Number one, they would've had to make people feel like participants in a common project of autonomous law-giving. Much more political accountability, much more participation. That didn't happen, I think, because the movers and shakers were more concerned with economic union than political union.
The government, under my leadership, will act to implement the rule of law and to maintain the independence of the judicial system, which is one of the pillars of maintaining a democratic system.
I want people to understand that, look, we're in a period of democratic deficit, democratic recession. There are fewer democracies in the world today than in 2005, and in many of the countries that are still technically democracies, we're seeing a reduction in the rule of law. And that's especially true in Central Europe, but it's also true of places like South Africa, the Philippines.
Political freedom cannot exist without economic freedom; a free mind and a free market are corollaries.
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