Although democracy today is widely recognized as the best available form of government, in many nominally democratic countries it still has not taken root and has not been implemented in its full form. This happens because democracy is commonly equated with elections, yet even free and fair elections do not automatically mean that other equally important aspects of democracy are in place. They include the rule of law, transparent decision-making, accountability of public officials, and basic fairness of the system. But apart from political rights and civil liberties, democracy also requires economic freedom in order to thrive and live up to the expectations of its people. Without markets that provide jobs and create prosperity, democracy cannot deliver the standard of living and the level of economic opportunity that citizens want.
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