Capitalism and Democracy

Paper Summary:

This paper argues the case of democracy being the natural environment for capitalism. It first points out that, though they are associated to each other by convention, democracy, in theory, is anathema to the capitalist, due to the fact that the bourgeoisie capitalist class is always a tiny minority. The writer then demonstrates that democracy is not majority rule, but only that it establishes an aura of majority rule. The paper then goes on to argue that this aura is the crucial aspect, because through it the tendencies towards revolution are averted. The writer notes that in comparison, socialism and fascism are imperfect milieus for dealing with revolution, and then shows how modern history has proved the supremacy of democracy as the nurturer of capitalism.

From the Paper:

"Capitalism is invariably associated with democracy. Schumpeter describes this as a coincidence - the outcome of the historical circumstance in which capitalism evolved. He argues that capitalism functions under various totalitarian regimes around the world where free elections are never held, therefore it cannot be held that democracy is a requisite to capitalism. Against this thesis, this essay argues that both democracy and capitalism must go hand in hand, and tries to explain away the exemptions as not isolated economies, but rather erected on the success of the central model of Western democratic capitalism."

Sample of Sources Used:

• Berger, Peter. The Capitalist Revolution. New York: Basic Books, 1986.
• Marx, Karl and Engels, Friedrich. The Communist Manifesto. London: Penguin Classics, 2002.
• Smith, Adam. An Enquiry Into the Nature and Causes of the Wealth of Nations. Chicago: Encyclopedia Britannica, Inc., 1980.
• Toynbee, Arnold Joseph. Lectures on the Industrial Revolution in England. White Fish, MT: Kessinger Publishing, 2004.

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