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Developments across the millennia suggest that, even though democracies and free market economies are continuously challenged by crises and disturbances, such as natural disasters, wars, or technological revolutions, in the countries where they take roots civil liberties deepen and per capita prosperity increases. To substantiate this claim analytically, the authors emphasize the principles that make free markets a sine qua non condition for democracy and study the nature of the relationship between free market institutions and economic growth. By examining the operating principles, outcomes and challenges experienced by contemporary democracies, many lessons are drawn with regard to how governments should act in order to avoid the pitfalls inherently associated with representative democracy. To illustrate the dangers of deviating from these principles, the authors apply their findings to the Greek democracy and economy since the Second World War.

Democracy -- Latin America. --- Financial crises -- Latin America -- History. --- Latin America -- Economic conditions. --- Political Science --- Law, Politics & Government --- Socialism, Communism & Anarchism --- Political Science Theory --- Socialism. --- Economic policy. --- Political science. --- Political economy. --- Political philosophy. --- Public finance. --- Political Science and International Relations. --- Political Economy. --- Public Economics. --- Political Philosophy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Marxism --- Social democracy --- Socialist movements --- Collectivism --- Anarchism --- Communism --- Critical theory --- Political science --- International Political Economy. --- Philosophy. --- Political philosophy --- Cameralistics --- Public finance --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Public finances