Democracy and Capitalism

Paper Summary:

The paper discusses how democracy and capitalism are divergent in nature, but they require each other to operate even though their basic values often clash with each other. The paper explains how thinkers and theorists such as Dahl, Phillip Green and James McPherson maintain that total compatibility is only a dream. They feel that capitalism favors 'the rule of privilege' which creates social and economic disparities and these disparities are against the very essence of democracy. The paper shows how we must focus on those features of the capitalist system that provide favorable conditions for democratic institutions for that is the only way to see some harmony between the powerful and conflicting systems.

From the Paper:

"Dahl feels that despite the divergent natures of the two systems, democracy has always been more successful in countries with capitalist economic system than non-capitalist. He feels that certain features of capitals and democracy are favorable for each other's existence and progress. Hayek (1944: 73) agrees with Dahl and argues that democracy can exist only in capitalist countries however the term capitalist should mean free market economy that promotes healthy competition."

Sample of Sources Used:

• BOWLES, S. AND HERBERT G., (1986), Democracy and Capitalism: Property, Community, and the Contradictions of Modern Social Thought, London: Routledge & Keagan Paul.
• DAHL, R. A., (1998), On Democracy, New Haven and London: Yale University Press.
• HAYEK, F. A., (1944), The Road to Serfdom, London: George Routledge and Son.
• Robert A. Dahl, After the Triumph: What Next? Vol. 40, No. 6, November 1999, Public Affairs Report Yale University

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