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Markets, Democracy, and Ethnicity: Toward a New Paradigm for Law and Development
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Markets, Democracy, and Ethnicity: Toward a New Paradigm for Law and Development
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Journal Article
Markets, Democracy, and Ethnicity: Toward a New Paradigm for Law and Development
1998
Overview
In developing countries with a market-dominant minority, markets and democracy will tend to favor different ethnic groups. Markets will benefit the market-dominant minority, while democracy will increase the power of the relatively impoverished majority. In these circumstances, the combined pursuit of markets and democracy will produce a highly charged and unstable situation. A model is offered to explore the consequences of pursuing markets and democracy under these conditions. The sobering thrust of the model is that in many developing countries, simultaneous marketization and democratization will likely lead to one of three outcomes: 1. an ethnically fueled antimarket backlash, 2. actions directed at eliminating the market dominant minority, or 3. a retreat from democracy. In case studies of South Africa, Kazakhstan, and Vietnam, the question of what reforms, legal and nonlegal, would lead to the long-term success of markets and democracy in the developing world is explored.
