Governments come and go they can even be toppled but Monarchy endures. The continuity of a sovereign brings to their country ensures stability through a single figure, who often has the power to intervene should a situation require it, assisting in running the state as part of a system of checks and balances.
Political scientist Victor Menaldo finds that from 1950 to 2006, monarchies in the Middle East offered much more stability than other forms of governments, they are more likely to survive in office and help keep factions and extreme groups in check, like Morocco, Jordan and Saudi Arabia.
In today’s systematic world even monarchy’s have constitutional functioning for example countries like the United Kingdom, Canada, Netherlands, Denmark, and Norway have constitutionally established monarchies for governance and administration purpose. These economies perform very well in economic view also because former ‘Bank of England’ rate-setter Tim Besley wrote a working paper suggesting that “in a country with weak executive constraints, going from a non-hereditary leader to a hereditary leader, increases the annual average economic growth of the country by 1.03 percentages per year.“That a lot!
If we compare the GDP of economies of constitutional monarchy and republic then the GDP units of constitutional monarchies are quite good for example economy of Japan and United Kingdom have GDP of 4939.38 and 2618.89 units respectively whereas GDP of republic economies like Russia and South Korea is 1283.20 and 1411.25 units respectively as per December 2016 estimates.
In changing global economy today, we can clearly see that the good monarchies are doing well in their socio-economic, political and international friendly viewpoint framework. But on the other hand economies of South Asian countries like India, Pakistan, Afghanistan, Iraq are all lacking with many civic necessities due to corrupt politicians’ presence.
By Priyansh Mishra
Image Source:Commons.wikimedia.org
