ABSTRACT

The cardinal principle of empirical democratic theory is that hard economic times are supposed to mean hard times for democracy, particularly when it is new and fragile. During the second half of the twentieth century, there was a strong relationship between economic performance and the survival of regimes, particularly democracies. One of the most remarkable features of the third wave of global democratic expansion that began in 1974 has been its persistence. By all accounts, the global financial crisis that began in September 2008 has triggered the worst economic downturn since the great depression. Not all developing and emerging-market economies have been spared the harsh impact of the great recession. Economic growth numbers are for 2009 since first round of elections were held in 2009. Fortunately, there are growing signs that the United States is emerging from its own encounter with economic recession, and the more seriously affected countries will probably follow it as global demand gradually increases.