Panel Discussion ①

｜Exploring Democracy and Capitalism｜

Modernization theory posits that economic growth fosters democracy. Yet recent global developments cast doubt on this assumption. Non-democratic regimes such as China and Vietnam have achieved sustained growth, while countries like India and Turkey have experienced democratic backsliding. Even within established democracies, far-right parties have been gaining ground. In much of the Global South, hybrid regimes that combine electoral practices with authoritarian measures are increasingly prevalent, further complicating the relationship between prosperity and democracy. This session reconsiders the contemporary relevance of modernization theory and examines new perspectives on the evolving interplay between capitalism and political systems.