Global trends and analyses on the state of democracy

White Paper

The Compelling Case for International

September 21, 2023

Christopher Browne, CFA

Democracy Investments

Democracy Investments’ Chief Investment Officer Christopher Browne, CFA, shares new data on international stock valuation, the benefits of diversification, and highlights global trade restructuring as we see the world beginning to bifurcate along distinct lines between the West and the BRICS.

White Paper

Your Portfolio May Be Contributing To Authoritarian Aggression

March 11, 2022

Christopher Browne, CFA

Democracy Investments

Democracy Investments’ Chief Investment Officer Christopher Browne, CFA, discusses portfolio influences on foreign policy and makes the investment case for tilting toward Democracy in passive international indices.

White Paper

The Investment Argument for an International Equity Democracy-Tilted Portfolio

November 22, 2021

Christopher Browne, CFA

Democracy Investments

Democracy Investments' Chief Investment Officer lays out a case for investing in international equities while aligning with investor values of democracy.

White Paper

Democracy Investments International Index

May 06, 2021

Dr. Richard Rikoski

Democracy Investments

Democracy Investments' Chief Economist explains the capital allocation strategy to encourage economic growth in democracies, hinder economic growth in authoritarian states, and create a market-based incentive for political reform.

Analysis and Research


Democracy is under threat, we must add a D to ESG

By Marcos Buscaglia, Financial Times

February 10, 2021

Democracy bonds could empower the fight for human rights.


Democracy Fosters Economic Growth

By Peter Dizikes, MIT News Office

March 07, 2019

MIT researchers find vast gains in productivity after countries democratize.


Democracy Does Cause Growth

By Daron Acemoglu, Suresh Naidu, Pascual Restrepo & James A. Robinson, NBER

March 01, 2014

NBER provides evidence that democracy has a significant and robust positive effect on GDP.

Reports by the Economist Intelligence Unit

Download all the Democracy Index reports here.


Democracy Index 2023

Age of conflict

It was an inauspicious year for democracy with the average global score falling to its lowest level since the index began in 2006. Less than 8% of the world’s population live in a full democracy, while almost 40% live under authoritarian rule—a share that has been creeping up in recent years. The increasing incidence of violent conflict has badly dented the global democracy score and prevented a recovery after the pandemic years of 2020-22.


Democracy Index 2022

Democracy in the doldrums

The average global index score stagnated in 2022. Despite expectations of a rebound after the lifting of pandemic-related restrictions, the score was almost unchanged, at 5.29 (on a 0-10 scale), compared with 5.28 in 2021. The positive effect of the restoration of individual freedoms was canceled out by negative developments globally. The scores of more than half of the countries measured by the index either stagnated or declined. Western Europe was a positive outlier, being the only region whose score returned to pre-pandemic levels.


Democracy Index 2021

The China Challenge

Democracy around the world continues to be challenged by an active global pandemic, coups and regime changes, civil unrest, and the rise of authoritarian powers. The 2021 average global democracy score experienced the biggest annual decline since 2010, when the global financial crash led to major setbacks and set a record low since the index was first published in 2006.


Democracy Index 2020

In sickness and in health?

Democracy was dealt a major blow in 2020. Almost 70% of countries covered by The Economist Intelligence Unit’s Democracy Index recorded a decline in their overall score, as country after country locked down to protect lives from a novel coronavirus. The global average score fell to its lowest level since the index began in 2006.


Democracy Index 2019

A year of democratic backsliding and popular protest

Democracy Index 2019 provides a snapshot of the state of democracy worldwide for 165 independent states and two territories. From full democracy through to authoritarian regime, find out where your country ranks by downloading this free report.


Democracy Index 2018

Political participation, protest and democracy

The latest edition of the Democracy Index reveals that despite a growing disillusionment with formal political institutions, political participation is on the rise in almost every region around the world, with the population being spurred into political action.


Democracy Index 2017

Free speech under attack

Global democracy has declined significantly over the last year, according to the latest edition of the Democracy Index. The Democracy Index provides a snapshot of the current state of democracy worldwide. This year’s report includes a special focus on how media freedom and freedom of expression are faring in every region.

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