While many people have enjoyed rising wealth and stability under autocracy (most of them in China), we remain convinced that democracy is the least bad form of government out there, to paraphrase Churchill. And thankfully, there's some statistical evidence to back up our belief that democracy is still the best way to realize both freedom and prosperity. Although economists for more than 50 years have debated whether democracy or autocracy is better for growth, more recent studies tip toward democracy.
The hard truth, however, is that the transition from authoritarianism to democracy is notoriously difficult. History suggests that transitioning countries' move toward genuine substantive democracy characterized by resilient majority rule, free and fair elections, and strong minority and civil rights protections will be slow. The bad news is that for countries like Egypt, Tunisia and Myanmar it's likely to be a long and bumpy ride.
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