According to phys.org: “At a time when democracy appears to be losing support, the Nobel committee has rewarded work that demonstrates that, on average, democratic countries governed by the rule of law have wealthier citizens.”
Sure, criminals, are wealthier. Those who go into business take from the poor, and give to the rich. The democratic state, like any other state, is one wheir their leaders, are insulated from the impact of their decisions. They can accumulate debt, and kill people, without any personal consequences. If you really believe in both democracy and rule of law, then hold their leaders legally responsible for their decisions and actions.
And what we have is representative democracy, in which an elected elite, with the support of the biased media, and corporate support and rich support, represent the people. But direct democracy, probably won’t solve the problems. Or maybe it will lower inequality, as the poor take from the rich, to give to the poor.
Modern wealthy states have been built with slavery and colonialism. They have polluted the atmosphere with GHGs starting from the industrial revolution. Now make promises to compensate the developing countries, but don’t keep their unenforceable promises. We are living in borrowed time. The financial and environmental debts they have incurred continue to grow.
Reference: https://phys.org/news/2024-10-year-nobel-prize-economics-awarded.html
Source: fool49