Modernization theory, institutional capacity, and rational choice institutionalism are the three candidate theories that explain how rich democratic states got to be rich and democratic. External development efforts will only be successful if he objectives or external and internal elites are complementary. This is only likely to be the case for 30-40 countries in the world. For the other 130 poorer countries the best that can be hoped for is good enough governance.
Stephen D. Krasner is the Graham H. Stuart Professor of International Relations at Stanford, and a Senior Fellow at the Freeman Spogli Institute, and the Hoover Institution. From February 2005 to April 2007 he was Director of the Policy Planning Staff at the Department of State. He is a member of the Board of Directors of the United States Institute of Peace, and was a member of the Foreign Policy Advisory Board of the Department of State from 2012 to 2014. He edited International Organization from 1986 to 1992. Professor Krasner is a Fellow of the American Academy of Arts and Sciences and a member of the Council on Foreign Relations. He is a Mercator Fellow at the Free University and was a Fellow at the Wissenschaftskolleg in 2000-2001. He has written or edited eight books and more than eighty articles.