Democratic capitalism


Democratic capitalism

Democratic capitalism, also known as capitalist democracy, is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based economy based predominantly on a democratic polity, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism.[1][2]

This economic system supports a capitalist free market 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.

The United States is often seen as having democratic capitalism as its political-economic system although some argue it has become more authoritarian in recent decades.[3] In the United States, both the Democratic and Republican Parties subscribe to this (little-"d" and "r") democratic-republican philosophy. Most liberals and conservatives generally support some form of democratic capitalism in their economic practices[citation needed].

Contents

See also

Notes

  1. ^ Novak, Michael, The Spirit of Democratic Capitalism, p. 31 
  2. ^ Benne, Robert, The Ethic of Democratic Capitalism, p. 97, ISBN 0800614453 
  3. ^ Robert Reich: Supercapitalism

References

  • Novak, Michael (1993), The Catholic Ethic and the Spirit of Capitalism, New York: The Free Press, ISBN 002923235X 
  • Novak, Michael (1982), The Spirit of Democratic Capitalism, New York: Simon and Schuster, ISBN 0671431544 
  • Benne, Robert (1981), The Ethic of Democratic Capitalism: A Moral Reassessment, Philadelphia: Fortress Press, ISBN 0800614453 
  • J. Michael Miller, ed. (1996), The Encyclicals of John Paul II, Huntington: Our Sunday Visitor 

External links