The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.

Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.

Strong government doesn't mean simply military power or an efficient intelligence apparatus. Instead, it should mean effective, fair administration - in other words, 'good governance.'

Raghuram Rajan Quotes