Four Core Elements for Democracy and Market Economy to Succeed

In fact it is claimed that democracy and vast market economies are symbiotic. They are 4 core elements to this:

i) the State is central (governments need to assure that there is fair competition, the population educated and trained, research drives technological advances is funded and infrastructure required for the economy is built, ie market with the State)

ii) governing bodies are economically competent; voting people are well-educated and highly politically engaged

iii) specific skills are linked with specific locations (core activities are geographically specific, like Silicon Valley of the computer industry, New York for finance, etc)

iv) democracy is stable (this is based on the governing parties being able to satisfy the bulk of the middle class)

"...industrialisation and democracy were intimately linked, because industrialisation requires a more educated population and the latter, in turn, demands a political say..."
Martin Wolf 2019