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Democratic capitalism, also referred to as market democracy, is a political and economic system that integrates resource allocation by marginal productivity (synonymous with free-market capitalism), with policies of resource allocation by social entitlement. [1] The policies which characterise the system are enacted by democratic governments. [1]
Capitalism’s rationale to proponents and critics alike has long been recognized to be its dynamism, that is, its innovations and, more subtly, its selectiveness in the innovations it tries out.
Robert Dahl argued in On Democracy that capitalism was beneficial for democracy because economic growth and a large middle class were good for democracy. [88] He also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism.
Some proponents of capitalism (like Milton Friedman) emphasize the role of free markets, which, they claim, promote freedom and democracy. For many (like Immanuel Wallerstein), capitalism hinges on the extension into a global dimension of an economic system in which goods and services are traded in markets and capital goods belong to non-state ...
What both the left and the right don't understand
He argued that capitalism's collapse from within will come about as majorities vote for the creation of a welfare state and place restrictions upon entrepreneurship that will burden and eventually destroy the capitalist structure. Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy (more ...
State capitalism, Bremmer explains, is a system in which governments use markets to create wealth and advance their political interests. In China, Russia and Saudi Arabia the state controls key ...
Critics argue that capitalism is in fact not a democracy, but a plutocracy, because in capitalism there is a lack of political, democratic and economic power for the vast majority of the population. They say that this is because in capitalism the means of production are owned privately by a minority of the population, with the vast majority of ...