Democratic capitalism: Difference between revisions
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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. |
'''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 [[ |
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== |
==History== |
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Revision as of 20:45, 9 October 2018
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Democratic capitalism, also known as capitalist democracy, is a political, economic and social ideology that involves the combination of a 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 democratic policy, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism.[1][2] 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.
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".[3]
History
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 Jeffersonians.[4]
See also
- Classical liberalism
- Democratic socialism
- Economic liberalism
- Individualism
- Liberalism
- Libertarianism
- Mixed economy
- Political economy
- Red Toryism
- Regulatory capitalism
- State capitalism
- Welfare capitalism
Notes
- ^ Novak, Michael, The Spirit of Democratic Capitalism, p. 31
- ^ Benne, Robert, The Ethic of Democratic Capitalism, p. 97, ISBN 0-8006-1445-3
- ^ Capitalism and Inequality, by Muller, Jerry Z. 2013. Foreign Affairs, March 2013.
- ^ Prindle, David, The Paradox of Democratic Capitalism: Politics and Economics in American Thought, ISBN 0-8018-8411-X
References
 | This article includes a list of general references, but it lacks sufficient corresponding inline citations. (September 2008) |
- Novak, Michael (1993), The Catholic Ethic and the Spirit of Capitalism, New York: The Free Press, ISBN 0-02-923235-X
- Novak, Michael (1982), The Spirit of Democratic Capitalism, New York: Simon and Schuster, ISBN 0-671-43154-4
- Benne, Robert (1981), The Ethic of Democratic Capitalism: A Moral Reassessment, Philadelphia: Fortress Press, ISBN 0-8006-1445-3
- J. Michael Miller, ed. (1996), The Encyclicals of John Paul II, Huntington: Our Sunday Visitor
- Prindle, David (2006), The Paradox of Democratic Capitalism: Politics and Economics in American Thought, Baltimore, MD: The Johns Hopkins University Press, ISBN 0-8018-8411-X
External links
- The Conceptual Foundations of Democratic Capitalism
- Michael Novak's Portrait of Democratic Capitalism
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