Domingos Amaral analyses the impact of the financial crisis on democracy

Writing for the daily Correio da Manhã journalist Domingos Amaral analyses the connection between the current financial crisis and the progress of democracy in developing countries: "With the exception of China and Russia one can say that there is a direct connection between the indebtedness of the West and the introduction of democratic systems in other countries, as well as the improvement of the living standards of millions of people. As a result of the present crisis the banks have turned off the credit tap and the West's consumption orgy has come to an end. This cutback is perhaps very healthy for the West in that it could prevent consumption from reaching obscene levels once more. But it means that the developing countries will also feel the repercussions of the crisis and millions of people will return to a life of poverty. The big question is whether the young democracies in these countries can survive the crisis. Who in Eastern Europe, South America or Asia will be willing to return to poverty without a struggle? Less debt in the West undoubtedly means more poverty in the world. Will it also mean less democracy?"

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