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Consolidating the Third Wave Democracies Brett Favaro the economic value of celebrityThe global trend that Samuel P. Huntington has dubbed the ''third wave'' of democratization has seen more than 60 countries experience democratic transitions since 1974. While these countries have succeeded in bringing down authoritarian regimes and replacing them with freely elected governments, few of them can as yet be considered stable democracies. Most remain engaged in the struggle to consolidate their new and fragile democratic institutions.