How and why democracy and economic development are related to each other?
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The causal relationship between economic development and democracy. Some politicians claimed that there is a causal relationship between economic development and democracy. However, India is a democratic society but their economic development is extremely poor.
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Economic democracy is a socioeconomic philosophy that proposes to shift decision-making power from corporate managers and corporate shareholders to a larger group of public stakeholders that includes workers, customers, suppliers, neighbours and the broader public.
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