Donald Trump’s latest effort to take over the Federal Reserve poses an immediate threat to the U.S. economy. But it’s also part of a larger, more pernicious problem too often ignored in the headlines: Trump’s anti-democratic actions are eroding the very building blocks of America’s economic prosperity.
Democracy and its institutions — like free and fair elections and rule of law — are proven to be the most important factors in long-term economic progress. Checks and balances, deliberation, and citizen feedback are not just niceties; they do critical economic work. Nobel Prize-winning research reveals that democratic institutions lead to better governance, more helpful public investments, and less economically damaging policies, giving businesses and workers the opportunity to build and create.
The above excerpt was originally published in The Contration.
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