We are rich in the West right? So that must be due to democracy. After all, the 1980’s Eastern Europeans didn’t have democracy, but they did have bread queues and crappy cars. So is it democracy that makes us rich? No, not quite.
It is true that Western Europe is richer than some African dumps, but this is for a number of reasons including semi-respect for property rights (some of your cash is stolen by the government, not all of it), the protestant work ethic, the enlightenment and the inertia of wealth concentrations. But it’s nothing to do with democracy. Several countries are democracies but aren’t rich, look at some of the Latin American examples, or indeed the African democracies. Other countries aren’t democratic but are rich, such as China or some of the gulf states (the ones without much oil).
So we can see prosperity comes when the rights of people to keep the fruits of their own labour are respected, not from the ability to vote to loot someone.
Democratic politicians by their very nature want to buy votes. They can’t openly say, I will give you £100 but tax you £300 to do it. And in truth, isn’t that the reality, the only trick that pony has? So they lie, or they borrow (which explains the insane deficits) or print money, but the state grows. And as it grows it simply crowds out the wealth producing free market.
So really, democracy makes us poorer.