Democratic capitalism: Difference between revisions
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{{Capitalism}} |
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{{Liberalism sidebar |Ideas}} |
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'''Democratic capitalism''', also known as '''capitalist democracy''', is a political, economic and social ideology that involves the combination of a [[democracy|democratic]] [[political system]] with a [[capitalist]] [[economic system]]. It is based on a tripartite arrangement of a private sector-driven [[market economy]] based predominantly on a [[democracy|democratic]] [[policy]], economic incentives through [[free markets]], [[fiscal responsibility]] and a [[liberalism|liberal]] [[moral]]-[[cultural]] system which encourages [[pluralism (political philosophy)|pluralism]].<ref>{{Citation |last=Novak |first=Michael|title=[[The Spirit of Democratic Capitalism]] |authorlink=Michael Novak|url=|date=|accessdate=|edition=|publisher=|isbn=|page=31}}</ref><ref>{{Citation |last=Benne |first=Robert|title=The Ethic of Democratic Capitalism|page=97|isbn=0-8006-1445-3}}</ref> This ideology supports a capitalist economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to [[corporatism]] by limiting the influence of special interest groups, including corporate lobbyists, on politics. |
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It is argued that the coexistence of modern capitalism and democracy was the result of the creation of the modern [[capitalism status]] in the post-war period, which enabled a relatively stable political atmosphere and widespread support for democracy. This period of history is often referred to as the "[[Golden Age of Capitalism]]".<ref name="Capitalism and Inequality, 2013">''Capitalism and Inequality'', by Muller, Jerry Z. 2013. Foreign Affairs, March 2013.</ref> |
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==History== |
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The ideology of "democratic capitalism" has been in existence since medieval times. It is based firmly on the principles of [[liberalism]] and [[Whig historiography]], which include liberty and equality. Some of its most prominent promoters were the [[Founding Fathers of the United States]] and subsequent [[Jeffersonian democracy|Jeffersonians]].<ref>{{Citation |last=Prindle|first=David|title=The Paradox of Democratic Capitalism: Politics and Economics in American Thought|authorlink=David Prindle|isbn=0-8018-8411-X |page=}}</ref> |
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==See also== |
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*[[Classical liberalism]] |
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*[[Democratic socialism]] |
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*[[Economic liberalism]] |
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*[[Individualism]] |
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*[[Liberalism]] |
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*[[Libertarianism]] |
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*[[Mixed economy]] |
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*[[Political economy]] |
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*[[Red Tory]]ism |
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*[[Regulatory capitalism]] |
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*[[State capitalism]] |
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*[[Welfare capitalism]] |
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== Notes == |
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<references/> |
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== References == |
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{{More footnotes|date=September 2008}} |
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*{{citation|last=Novak|first=Michael|title=The Catholic Ethic and the Spirit of Capitalism|authorlink=Michael Novak|location=New York|publisher=The Free Press |year=1993|isbn=0-02-923235-X}} |
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*{{citation|last=Novak|first=Michael|authorlink=Michael Novak|title=The Spirit of Democratic Capitalism|location=New York|publisher=Simon and Schuster |year=1982|isbn=0-671-43154-4}} |
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*{{citation|last=Benne|first=Robert|title=The Ethic of Democratic Capitalism: A Moral Reassessment|location=Philadelphia|publisher=Fortress Press |year=1981|isbn=0-8006-1445-3}} |
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*{{citation|editor=J. Michael Miller|editor-link=John Michael Miller|title=The Encyclicals of John Paul II|location=Huntington|publisher=Our Sunday Visitor|year=1996}} |
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*{{citation|last=Prindle |first=David |title=The Paradox of Democratic Capitalism: Politics and Economics in American Thought |authorlink=David Prindle|location=Baltimore, MD|publisher=The Johns Hopkins University Press|year=2006|isbn=0-8018-8411-X}} |
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== External links == |
== External links == |
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Revision as of 20:46, 9 October 2018
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External links
- The Conceptual Foundations of Democratic Capitalism
- Michael Novak's Portrait of Democratic Capitalism
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