CAPITALISM AND DEMOCRACY

Capitalism and Democracy are Incompatible

Capitalism and Democracy are Incompatible

Introduction

In the era of modernization, the legislative modifications have created harmony between democracy and capitalism. Nevertheless, people often argue that the ideologies of democracy and capitalism are incompatible. Some researchers and analysts state that there is a strong bonding between democracy and capitalism. It can be analyzed from the data that in some economies democracy can have a significant impact on capitalism. There is a strong bonding between capitalism and democracy; yet, there are some directions in both ideologies contrast each other.

According to a theory presented by Dahl in 1998 it can be interpreted the relationship between capitalism and democracy is like two persons, connected by a strong bond on marriage; however, their ideologies are often driven by conflict and yet tolerates because neither partner wishes to separate from the other. The democratic economy can be characterized as a statute by the majority of people. According to the political system in West the democracy has transformed into representative democracy in which demands fair elections and universal suffrage through which the envoys and representatives can be elected. On the other hand, capitalism is the distinct form of the social system, formulated on the basis of generalized commodity production. The system of capitalism is generally regulated by private ownership and control on every means of production.

Discussion

The contemporary envoys and representatives of a democratic system and capitalized economy reveal strong bonding with the ideologies and implications of liberalism. Therefore, it can be interpreted that democracy and capitalism seem to engulf the widely accepted basic principles, such as individualism. These facts provide a platform that reveals certain issues. The principles of democracy and capitalism are contrast from each other; however, there are certain areas where these contrasting ideologies reveal their mutual consent. Nevertheless, it cannot ...