The work of transitional institutions is impossible unless economic agents can be confident that the state will fulfill its obligations and that the rules of the game do not depend on the whims of a particular leader. Statistics show that democracy protects investors from expropriation and from arbitrary changes better than dictatorships do, thereby bringing about increased economic growth.
Adly is a nonresident scholar at the Carnegie Middle East Center, where his research centers on political economy, development studies, and economic sociology of the Middle East, with a focus on Egypt.
Lehne is a visiting scholar at Carnegie Europe in Brussels, where his research focuses on the post–Lisbon Treaty development of the European Union’s foreign policy, with a specific focus on relations between the EU and member states.
Paul Stronski is a senior fellow in Carnegie’s Russia and Eurasia Program, where his research focuses on the relationship between Russia and neighboring countries in Central Asia and the South Caucasus.