Does a Capitalist Economy Support or Detract from Liberal Democracy?
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This paper presents the thesis that the advantages of a capitalist economy to liberal democracy are long term and sequential. More specifically, the paper suggests that there is a distinct relationship between capitalism and democracy and that this can be understood through an analysis of the current global condition of modernity.
From the Paper:"Using research discourse in Political science and economic science it will be easier to derive dynamic dimensions that apply in democracies and capitalist economies. This realization will be prudent in distinguishing the supportive or distractive role played by capitalist economies. In the construct of this topic, political science has been particularly inclined to the realms of unveiling significant differences in the stability of regimes, redistribution of benefits and quality performance with respect to subtypes of democracy. On the other hand, Economic science diverged from these concerns as it pursued the aspects of neo-liberalism. Resultantly, Economic science postulates a transnational, cultural and historical exemplary of capitalism. From the two paradigms, it is deducible that capitalism has six variables in common: The state, decision making, territorial representation, functional representation, gender discrimination, and asset specificity. The essence of the state regulates the very existence and persistence of both capitalism and democracy (Schumpeter 73). The state allows liberal individualists to discern that extensive governance is better than intensive governance. At the same time, the element of the state embeds capitalism and democracy in a system of public authority and its capability to exercise legitimate coercion, or even monopolization of distinctive territories. "
Sample of Sources Used:
- Castells, Manuel. The power of identity: The information age: Economy, society, and culture. Vol. 2. New York: John Wiley & Sons, 2011. Print.
- Escobar, Arturo. Encountering development: The making and unmaking of the Third World. New Jersey: Princeton University Press, 2011. Print.
- O'Neill, Martin, and Thad Williamson, eds. Property-owning Democracy: Rawls and beyond. New York: John Wiley & Sons, 2012. Print.
- Wolff, Richard D. Democracy at work: A cure for capitalism. Oxford: Haymarket books, 2012. Print.
- Schumpeter, Joseph. Capitalism, socialism and democracy. New York Routledge, 2013. Print.
Cite this Argumentative Essay:
Does a Capitalist Economy Support or Detract from Liberal Democracy? (2014, March 24) Retrieved January 27, 2021, from https://www.academon.com/argumentative-essay/does-a-capitalist-economy-support-or-detract-from-liberal-democracy-153844/
"Does a Capitalist Economy Support or Detract from Liberal Democracy?" 24 March 2014. Web. 27 January. 2021. <https://www.academon.com/argumentative-essay/does-a-capitalist-economy-support-or-detract-from-liberal-democracy-153844/>