ANNOTATED BIBLIOGRAPHY

Capitalism and Liberal Democracy



Capitalism and Liberal Democracy

Kalecki, M. (1969). Theory of economic dynamics: an essay on cyclical and long-run changes in capitalist economy, Athabasca University

This article discusses the economic dynamics of capitalist economy in detail. It also talks about the cyclical and long run changes in the economy. The author discusses the democracy in the twentieth century and the differences between democracy and capitalism. Liberalism has been important to political science as it has shaped theoretical frameworks and methodological models that explain the processes of decision making in a political system. In this sense, neo-institutionalism is the recurring tool to explain the change and permanence of the political institutions through its two main proposals: one on the basis of the normative, and a rational choice.

Kalecki, M. (1980). The dynamics of the capitalist economy, Athabasca University

In this article, the author has described various changes in the capitalist economy. He has also described a number of advantages and disadvantages of capitalism. In a capitalist country the government does the duty of collecting taxes and safeguarding the security of the country. Capitalism adds a fundamental element in the market economy: wage labor, that is to say the buying and selling of labor power. It, itself, becomes a commodity. Thus, the capitalist economy is characterized by a fundamentally unequal social relationship between those who, on the one hand, possess the means of production and those who, on the other, have only property for their expertise, their knowledge and ability to work and are forced to exchange it against a living wage. This unequal social relationship is also characterized as such by the labor law that the employment contract is a contract of subjection that is to say which establishes a relationship of domination of the employer on the employee.

Swenson, ...