Analyzing the Relationship between Economic Prosperity, Law and Democracy

Abstract

In line with economic prosperity and its spread to the society, it is essential that the economy complement each other with law and democracy. In this study, the development levels of countries and the relationship between law and/or democracy will be examined. After the Eview analysis, it was observed that the democracy and geography indexes were not enough alone, and a more comprehensive model was formed by adding some geographic, religious, cultural and dummy variables reflecting the history of countries. At the end of modelling, it is seen that geographic features and natural resources are extremely important for prosperity. Moreover, the fact that countries have historical/corporate identity does not yield any meaningful results in terms of human development

Research paper

Keywords: Economic Prosperity; Law; Democracy; Human Development Index; World Justice Index

Reference to this paper should be made as follows: Kahramanoğlu, A., & Büyüksarıkulak, A. M. (2019). Analyzing the Relationship between Economic Prosperity, Law and Democracy, Journal of Entrepreneurship, Business and Economics, 7(1), 106–132.