In this article, we show that the skeptical view of democracy and development
rests on a questionable assumption in which democracy is
treated as a more or less immediate cause. This year’s level of democracy
is thought to influence growth performance in the following period
(usually a decade or two). We argue that this is an unrealistic
scenario. If democracy matters for growth today, it is reasonable to assume
that this effect stems from a country’s regime history as well as its
current status. The distant past may have contemporary effects.
Democracy is thus best considered as a stock, rather than level, variable