Evidências de que Hayek vence a ideologia que suporta Chavez-Maduro e e afins.
This study found supporting evidence for previous literature (Banai 2012) that ingroup collectivism is an important determinant of democracy, which, in turn, is a good predictor of country risk. Low in-group collectivism societies emphasize rationality in people’s behavior and stress personal needs and individualism, the very foundations of democracy (Hayek 1948). Consequently, these societies tend to be more democratic. Our results indicate that democracy has a strong negative effect on country risk. Democracy may be better at mitigating political, social, and economic risks because it is an institutional safeguard that may incentivize policy makers to design rules of the game that have a greater potential to mitigate country risk.