Economic effect under monarchy is higher than democratic politics. At first, top of a country adopting democratic politics tend to change immediately and its term of office is shoter. In this, an economic policy being done by a prime minister or president will be stopped and what worse, next top person may do opposite policy. But this policy will be cancelled. This state has repeated today's democratic nation. That is, only a lot of cost and debt will be remained behind, so bigger economic policy will be failed as you know, for example, TPP. A number of conference of TPP has done many times, many years. But when next top of the U.S was determined, he said that the U.S do not participate in this. As a result, TPP will be ended in failure. Second, democratic politics tend to have present-oriented. In short, this politic system can deal with only current economy, so policy demanded for many years tend to be failed because of first reason I wrote. In addition, the number of problems of economy being improved only a few years is very small, for example, in Japan, depression, waiting-list children, and working-poor problems and so on, as you know, these problems are not resolved. But under monarchy, top of the nation is not changed, so these two demerits will be solved thanks to stability of policy. That is, cost of money is much smaller in the long run.
References
・ http://www.biwako.shiga-u.ac.jp/eml/Ronso/397/echigo.pdf
・http://www.bbc.com/news/business-32498715
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