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Democratic capitalism is a type of political and economic system [3] characterised by resource allocation according to both marginal productivity and social need, as determined by decisions reached through democratic politics. [1] It is marked by democratic elections, freedom, and rule of law, characteristics typically associated with democracy.
The extension of universal adult male suffrage in 19th century Britain occurred along with the development of industrial capitalism, and democracy became widespread at the same time as capitalism. Research on the democratic peace theory further indicates that capitalist democracies rarely make war with one another and have little internal violence.
Social Origins of Dictatorship and Democracy: Lord and Peasant in the Making of the Modern World (1966) is a book by Barrington Moore Jr.. The work studied the roots of democratic, fascist and communist regimes in different societies, looking especially at the ways in which industrialization and the pre-existing agrarian regimes interacted to produce those different political outcomes.
One of the great advantages of capitalism, he argues, is that as compared with pre-capitalist periods, when education was a privilege of the few, more and more people acquire (higher) education. The availability of fulfilling work is however limited and this, coupled with the experience of unemployment, produces discontent.
Barrington Moore Jr. (12 May 1913 – 16 October 2005) [1] was an American political sociologist, and the son of forester Barrington Moore. He is well-known for his Social Origins of Dictatorship and Democracy (1966), a comparative study of modernization in Britain, France, the United States, China, Japan, Russia, Germany, and India. [2]
In the context of mainstream economics and the field of comparative economic systems, socialist planning usually refers to the Soviet-style command economy, regardless of whether or not this economic system actually constituted a type of socialism or state capitalism or a third, non-socialist and non-capitalist type of system.
This balance of capitalism and democracy became unhinged in the 1970s with the advent of supercapitalism, Reich's term for the capitalistic system where companies have become more competitive, global and innovative seeking the highest profits for investors and offering the lowest prices for consumers.
Adam Przeworski and Fernando Limongi argue that while economic development makes democracies less likely to turn authoritarian, there is insufficient evidence to conclude that development causes democratization (turning an authoritarian state into a democracy). [75] Economic development can boost public support for authoritarian regimes in the ...