The mainstream of political/economic thought is that economic power, in the long term, derives from inclusive political institutions. It can be gained in the short term when totalitarian regimes have incetives for growth and sufficient resources available, for instance the industrialisation of the USSR in the early 20th century, but they will ultimately founder due the contradictions imposed by extractive political institutions.
Since we don't know of any system other than democracy that can produce inclusive institutions, democracy and freedom are a pre-requisite for economic power that will last and continue to grow.
That's my understanding of the argument, based on reading 'Why Nations Fail' by Acemoglu and Robinson. As far as I can tell this is the prevailing line of thought in the West, even if it's not always stated in the same terms.
Since we don't know of any system other than democracy that can produce inclusive institutions, democracy and freedom are a pre-requisite for economic power that will last and continue to grow.
That's my understanding of the argument, based on reading 'Why Nations Fail' by Acemoglu and Robinson. As far as I can tell this is the prevailing line of thought in the West, even if it's not always stated in the same terms.