Rabah Arezki, Simeon Djankov, Ha Nguyen, Ivan Yotzov, 24 August 2020

It is often argued that democracy is the least imperfect form of government mainly because of the existence of a ‘self-correcting’ mechanism stemming from voice and accountability embedded in democracies. Using text analysis from about a billion newspaper articles in 28 languages, this column shows that the intensity of reform chatter increases during economic downturns and that the increase is more significant in democracies. During downturns, democracies appear to benefit disproportionately from changing popular attitudes translating into actual reforms.

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