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Chapter

Cover Democratization

8. The Political Economy of Democracy  

Patrick Bernhagen

This chapter examines the relationship between democratization and the economy. It first provides an historical overview of the emergence of capitalist democracy before discussing some general problems of the relationship between democracy and capitalism, highlighting the main areas in which the two systems condition each other. It then considers the role of business in democratizing countries, and more specifically the role of business actors in the transition to democracy. It also explores the intricacies of combining major political and economic reforms. Some key points are emphasized; for example, capitalism focuses on property rights while democracy focuses on personal rights. Furthermore, capitalism produces inequality, which can both stimulate and hamper democratization.

Chapter

Cover European Union Politics

3. Carrying the EU Forward: The Era of Lisbon  

Clive Church and David Phinnemore

This chapter explores how the EU ended a long period of constitutional change by agreeing the Treaty of Lisbon and used it to face new challenges of financial crisis, Brexit, and Covid-19—the latter events leading to thoughts that further treaty change might be needed. The process started with the 2002–03 Convention on the Future of Europe leadin to the Constitutional Treaty of 2004 and in October 2007 produced the Treaty of Lisbon which eventually entered into force on 1 December 2009. Its implementation was complicated by the eurozone crisis, resulting in extra-treaty arrangements and another treaty amendment. Although the official appetite for treaty reform all but evaporated in the 2010s, the UK’s June 2016 vote to quit the EU raised the hopes for further changes. The end of the 2010s and into the 2020s saw Brexit being negotiated within the terms of the Treaty of European Union the EU’s treaty agreeing measures to deal with the Covid-19 pandemic. Calls for treaty revision continued but active steps to re-negotiate the consolidated treaties have not yet begun.