Misleading Modernization: A Case for the Role of Foreign Capital in Democratization

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Title: Misleading Modernization: A Case for the Role of Foreign Capital in Democratization
Author: Weinerman, Michael Alexander, 1983-
Abstract: Modernization theory posits that economic growth and democratization are mutually constitutive processes. I extend a recent literature that finds this relationship to be spurious due to the existence of a number of international factors, specifically the role of foreign capital. Through two-stage least square (2SLS) regressions for as wide a sample as the data allow and two case studies (Indonesia and the Philippines), I find that the presence of US capital significantly influences domestic political institutions. This relationship, however, is non-linear and interrelated with exogenous shocks.
Description: x, 84 p. : ill.
URI: http://hdl.handle.net/1794/11986
Date: 2011-09


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