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Stockholm Paper: It’s Democracy, Stupid: Reappraising the Middle-Income Trap
September 21, 2021 - 09:16
Jan Rudengren, Lars Rylander and Claudia Rives Casanova
Institute for Security and Development Policy
STOCKHOLM PAPER, May 31 2014, pp. 32.
This study seeks to reappraise the Middle Income Trap (MIT) concept by going beyond a mainstream analysis, which focuses mainly on economic aspects of growth/stagnation. Accordingly, while prudent economic management and policies are vital to avoid the MIT, factors relating to governance, institutions, inclusive growth, and education, among others, can underlie and play a determining role in explaining failure or success in sustaining economic growth. Therefore, non-economic dimensions are fundamental for any reform or structural change, and, as is argued in this paper, democratic governance can serve as a useful proxy for many of these factors.