민주주의와 시장경제 그리고 경제성과의 관계

This paper focuses on the relationships of marketization and democracy to economic performance. While the market economy is an institution related to the economic growth of the world, the marketization from the view of Anglo-Saxon type of market economy means the existence of economic freedom and the private property right. But the economic freedom and the private property right do not assure an efficiency which is raison the market economy's raison d'tre. Competition and the private property right are a part of various conditions which the market can achieve an efficiency. Empirical result shows that there is no relationship of the economic freedom and the private property right to the growth rate of per capita income. Also, an efficiency of incomplete markets will be basically affected by the market environments, especially the role of government such as quality of bureaucracy or the degree of democratization which determines the nature of government role. In the meanwhile, the democracy premises economic equality as well as political freedom and rights in that economic inequality threatens political equality by influencing negatively upon autonomy. Empirical result shows that the lower the degree of corruption is, the higher the growth rate of per capita income is. It also shows empirically that the growth rate of per capita income gets higher as the degree of political freedom widens and the income distribution is improved.