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3. There is a potential dissonance and tension between the
requirements of long- term economic structural transformation, and
sustainable liberal democracy.

4. This dissonance is particularly pronounced and difficult in the
present uncertain and turbulent global environment.

5. A key challenge to sustainable liberal democracy is to provide
policy stability – but not policy rigidity - for a nation’s long-term
economic transformation.

1. Sustainable liberal democracy, more generally a stable
political system, must rest on firm economic foundations.

Basic elements of liberal democracy include three types of rights:
(1) economic rights, such as property rights; (2) political rights,
including participation in free and fair elections, and allowing winners to
shape the government’s policy agenda; and (3) civil rights, such as
ensuring equality before the law, and protection of minority rights. 5

A focus on economics is not to suggest that economic values are
a sufficient foundation for sustainable liberal democracy. For some, such
as the Nobel prize-winning economist Amartya Sen, political rights is
intrinsically good and desirable, independent of the impact on economic
performance. Also, it is well known that economic growth can result in
undesirable environmental, social and ethical side effects, often for the
more vulnerable groups in a society.

However, economic performance that brings about increasing gains
for the majority of the population is a necessary condition for
sustainable liberal democracy. In its strongest form, it is suggested that
economic growth, meaning a rising standard of living for the majority of
citizens, can foster social mobility, commitment to fairness, tolerance of

5 Sharun Mukand & Dani Rodrik, 2017. “The Political Economy of Liberal
Democracy,” CESifo Working Paper Series 6433, CESifo Group Munich.

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