MODERN CAPITALIST DEMOCRACY

Modern Capitalist Democracy

Modern Capitalist Democracy

Introduction

The world has experienced different economic system from socialism to capitalism where every system has its own advantages and disadvantages to the country of practice. No doubt, economic systems are designed to improve the system of economy by sharing of profits and increasing ownership opportunities that are beneficial to workers. However, most of the economic systems from past to modern economy have political influence in some way (Wolf & Barsamian, 2012, 45). The Democratic capitalism is defined as an economic political system that depends on the value and capability of every element of it in a trustful and cooperative environment. Democracy in a capitalist system where a minority of very rich people have immense influence of material resources is an illusion (Krippner, 2011, 7). This system of economic has greater capability to increase ownership opportunities for labours as well as improve profit sharing. In addition to this, it is also essential to discuss that democratic capitalism also enables leadership to develop individuals and promotes cooperative organisational culture (Carey, 2004, 19). Capitalism is always concentrated power against efforts to democratize and open the way for electoral competition and citizen participation in politics (Schumpeter, 2001, 99).

The pluralism is also an important and vital part of democratic capitalism as it acts as a strong pillar for the democratic capitalism (Paul, 1997, 11). The pluralism believes in the equal distribution of power among all elements of the democratic structure including the public, political parties, etc. It would not be wrong to say that pluralism supports a neutral government where no favour is given to any single entities like capitalists in society. The critiques of democratic capitalism believe that people and other political parties do not have much control over leaders, which reflects that the system is more favourable to elite of the society (Paul, 1997, 43). Capitalism has an instrumental view of democracy (Andrew, 2006, 14).This paper aims to discuss the democratic capitalism and policy process in relation to power and control.

Discussion

Policy Process in Capitalism

Democracy is generally explained as a political system that allows the formation of government through majority votes. In addition, the main principles on which democracy relies on are political equity and consent. Some researchers also claim that democracy is a need of time but it is not capable enough to address economic rights (Paul, 1997, 65). Similarly, the policy process in capitalism is based on ownership opportunities that are exploited by capitalists of society who compel businesses to compete in order to generate more profit. It can be seen in capitalism that most of the smaller companies are acquired by capitalists who control the actual policy process in capitalism (Anderson, 2007, 23). It can also be seen in a capitalist society that most of the smaller business go bankrupt due to increased level of competition which they usually remain unable to meet. It is also essential to discuss that competition in capitalism can be seen in similar as well as different ...