What is democracy? What are the pitfalls and the positive potentials in the growing trend toward democratization? This book examines the prospects for democracy in the world today and frames the central dilemma confronting all states touched by the process of democratization. Georg Sørensen clarifies the concept of democracy, shows its application in different contexts, and questions whether democratic advancement will continue, and if so, at what price. The consequences of democracy for economic development, human rights, and peaceful relations among countries are illuminated in both their positive and negative aspects.