I haven't read the book, rather I've only seen a long talk he gave on the topic, but Ha-Joon Chang's "Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism" believes the crucial component is not democracy, but rather modern incarnations of capitalism (let's just call it neoliberalism).
He argues that the US in particular became so wealthy in huge part due to it's non-free trade practices (while still being relatively democratic). Countries may liberalize later in development, but not before building their own industrial base, etc. My memory is quite hazy on the latter part -- I should read the actual book. However I can recommend seeking out his viewpoint.
Edit: his book is not so much a critique of capitalism, as a critique of free trade orthodoxy for developing nations.
He argues that the US in particular became so wealthy in huge part due to it's non-free trade practices (while still being relatively democratic). Countries may liberalize later in development, but not before building their own industrial base, etc. My memory is quite hazy on the latter part -- I should read the actual book. However I can recommend seeking out his viewpoint.
Edit: his book is not so much a critique of capitalism, as a critique of free trade orthodoxy for developing nations.