A Thriving And Strong Economy Is The LifeBlood of 57 Key Elements And Principles Of Democracy: (7)
By Abbati Bako,bsis,pl.sc,Political Strategy and Communications Consultant and Global Political Analyst, Kent-Alumni The Only UK’s European University
In the grand symphony of democratic governance, a strong and thriving economy is the harmonious melody that resonates with the aspirations of citizens. As one of the 57 key elements and principles of democracy, a robust economy is the backbone of a healthy democracy, providing the foundation for prosperity, stability, and freedom.
It was just yesterday that our President Bola Ahmed Tinubu directed the ban of importation of foreign goods into Nigeria. This will reflect the similar policy made by President Trump on the US’s economy, meaning, “America first”. In Nigeria it’s “Nigeria first policy”. Can this economic policy change Nigerian economic interplay for good or will deepen the nation’s economy into precarity and meltdown?
As opined by Professor Paul Collier of Oxford (HOD Political Economy) UniversityLondon that, “if democracy makes poor societies more dangerous, but societies that are not poor safer, there must be some threshold level of income at which there is no net effect. The threshold is around $2, 700 per capita per year, or around $7 per day. The societies of the bottom are all below this threshold: most of them are a long way below it” (Wars, Guns and Votes: Democracy in Dangerous Places, London 2009). Meaning that, like in Nigerian currency the lowest earning for each and every citizen should be around #10,000.00 per day per person either civil servant or every ordinary Nigerian no matter how small his occupation may be. That’s to say the minimum wage per month should be around #300,000.00.
In poor economic societies it’s doubtful for democracy to stand and prosper for a long time. Hence, in the Global Southern Hemisphere especially in the African Continent; it’s not easy for democracy to thrive, Niger Republic, B/Faso, Sudan and Mali are excellent examples in recent times. Can the foreign political, economic and social stakeholders rethink what has been happening in Africa and change their mind, thinking and policies in Africa? The imperative of economic growth and development of a thriving economy is not just a nicety; it’s a necessity for democratic survival and global order. Although the globalization policy seems to be in crisis since the emergence of President Trump 100 days ago, I think the system still exist and is not yet dead.
*Economic growth
1. Empowers Citizens:
A strong economy provides citizens with the means to pursue their dreams, fostering a sense of dignity and self-worth.
2. Fosters Stability:
Economic stability reduces social unrest, promoting peace, security, stability and tranquility, which are essential for democratic governance.
3. Promotes Freedom:
Economic freedom is inextricably linked to political freedom, enabling citizens to make choices and live happy lives on their own terms.
4. Supports Democracy:
A thriving economy provides the revenue necessary to fund public goods and services, ensuring that democratic institutions function effectively.
*The Characteristics of a Democratic Economy
In the world of today democratic economy is built on the key elements and principles of the following of global order:
1. Free Markets:
Free markets promote competition, innovation, and efficiency, ensuring that resources are allocated optimally.
2. Private Property:
Private property rights provide citizens with the security and incentive to invest, innovate, and prosper.
3. Rule of Law:
A predictable and transparent legal framework protects citizens’ rights, promotes fairness, and ensures accountability.
4. Social Justice:
A democratic economy promotes social justice by providing opportunities for all citizens to participate and benefit from economic growth and development.
*The Challenges Facing Democratic Economies Despite the Importance of a Thriving Economy, Democratic Societies Face Numerous Challenges, Including:
1. Inequality:
Rising income, and inequality threatens social cohesion, undermines democratic institutions, and erodes trust in government by the citizens.
2. Corruption:
Corruption distorts markets, undermines the rule of law, and deprives citizens of essential public goods and services.
3. Environmental Degradation:
Environmental degradation poses an existential threat to democratic societies, requiring urgent action to mitigate climate change and protect natural resources.
*Conclusion:
In conclusion, a thriving economy is the lifeblood of democracy, providing the foundation for prosperity, stability, and freedom. As one of the 57 key elements and principles of democracy, a robust economy is essential for empowering citizens, fostering stability, security, promoting freedom, and supporting democratic institutions. By promoting free markets, private property, rule of law, and social justice, democratic societies can build economies that are prosperous, inclusive, and sustainable.
Dr. Abbati Bako, former Advisor to former Governor of Kano State Dr. Abdullahi Umar Ganduje on Public Affairs, former Electoral Commissioner @Kansiec and Researcher@Skyline University Kano on Globalization Policy and Students’ Mentor@Kent,Uni,UK and Treasurer Kano Chamber of Commerce, Nigeria
