Democratic capitalism

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Democratic capitalism, also known as capitalist democracy, is a political, economic and social ideology that involves the combination of a democratic political system with a capitalist economic system. It is based on a tripartite arrangement of a private sector-driven market economy based predominantly on a democratic policy, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism.[1][2] This ideology supports a capitalist economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to authoritarian capitalism by limiting the influence of special interest groups, including corporate lobbyists, on politics.

It is argued that the coexistence of modern capitalism and democracy was the result of the creation of the modern welfare state in the post-war period, which enabled a relatively stable political atmosphere and widespread support for capitalism. This period of history is often referred to as the "Golden Age of Capitalism".[3]

History

The ideology of "democratic capitalism" has been in existence since medieval times. It is based firmly on the principles of liberalism, which include liberty and equality. Some of its earliest promoters include many of the American founding fathers[examples needed] and subsequent Jeffersonians.[4]

See also

Notes

  1. Novak, Michael, The Spirit of Democratic Capitalism, p. 31<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. Benne, Robert, The Ethic of Democratic Capitalism, p. 97, ISBN 0-8006-1445-3<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. Capitalism and Inequality, by Muller, Jerry Z. 2013. Foreign Affairs, March 2013.
  4. Prindle, David, The Paradox of Democratic Capitalism: Politics and Economics in American Thought, ISBN 0-8018-8411-X<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

References

  • Novak, Michael (1993), The Catholic Ethic and the Spirit of Capitalism, New York: The Free Press, ISBN 0-02-923235-X<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  • Novak, Michael (1982), The Spirit of Democratic Capitalism, New York: Simon and Schuster, ISBN 0-671-43154-4<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  • Benne, Robert (1981), The Ethic of Democratic Capitalism: A Moral Reassessment, Philadelphia: Fortress Press, ISBN 0-8006-1445-3<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  • J. Michael Miller, ed. (1996), The Encyclicals of John Paul II, Huntington: Our Sunday Visitor<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  • Prindle, David (2006), The Paradox of Democratic Capitalism: Politics and Economics in American Thought, Baltimore, MD: The Johns Hopkins University Press, ISBN 0-8018-8411-X<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links