Democratic capitalism
Encyclopedia
Democratic capitalism, also known as capitalist democracy, is a political, economic, and social
system and ideology
based on a tripartite arrangement of a market-based economy based predominantly on a democratic polity
, economic incentives through free markets, fiscal responsibility and a liberal
moral
-cultural system which encourages pluralism.
This economic system
supports a capitalist free market economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to authoritarian
capitalism by limiting the influence of special interest groups, including corporate lobbyists, on politics.
The United States
is often seen as having democratic capitalism as its political-economic system although some argue it has become more authoritarian in recent decades. In the United States, both the Democratic and Republican Parties subscribe to this (little-"d" and "r") democratic-republican philosophy. Most liberals
and conservatives generally support some form of democratic capitalism in their economic practices .
Social
The term social refers to a characteristic of living organisms...
system and ideology
Ideology
An ideology is a set of ideas that constitutes one's goals, expectations, and actions. An ideology can be thought of as a comprehensive vision, as a way of looking at things , as in common sense and several philosophical tendencies , or a set of ideas proposed by the dominant class of a society to...
based on a tripartite arrangement of a market-based economy based predominantly on a democratic polity
Polity
Polity is a form of government Aristotle developed in his search for a government that could be most easily incorporated and used by the largest amount of people groups, or states...
, economic incentives through free markets, fiscal responsibility and a liberal
Liberalism
Liberalism is the belief in the importance of liberty and equal rights. Liberals espouse a wide array of views depending on their understanding of these principles, but generally, liberals support ideas such as constitutionalism, liberal democracy, free and fair elections, human rights,...
moral
Moral
A moral is a message conveyed or a lesson to be learned from a story or event. The moral may be left to the hearer, reader or viewer to determine for themselves, or may be explicitly encapsulated in a maxim...
-cultural system which encourages pluralism.
This economic system
Economic system
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
supports a capitalist free market economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to authoritarian
Authoritarianism
Authoritarianism is a form of social organization characterized by submission to authority. It is usually opposed to individualism and democracy...
capitalism by limiting the influence of special interest groups, including corporate lobbyists, on politics.
The United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
is often seen as having democratic capitalism as its political-economic system although some argue it has become more authoritarian in recent decades. In the United States, both the Democratic and Republican Parties subscribe to this (little-"d" and "r") democratic-republican philosophy. Most liberals
Liberalism
Liberalism is the belief in the importance of liberty and equal rights. Liberals espouse a wide array of views depending on their understanding of these principles, but generally, liberals support ideas such as constitutionalism, liberal democracy, free and fair elections, human rights,...
and conservatives generally support some form of democratic capitalism in their economic practices .
See also
- Classical liberalismClassical liberalismClassical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets....
- IndividualismIndividualismIndividualism is the moral stance, political philosophy, ideology, or social outlook that stresses "the moral worth of the individual". Individualists promote the exercise of one's goals and desires and so value independence and self-reliance while opposing most external interference upon one's own...
- LiberalismLiberalismLiberalism is the belief in the importance of liberty and equal rights. Liberals espouse a wide array of views depending on their understanding of these principles, but generally, liberals support ideas such as constitutionalism, liberal democracy, free and fair elections, human rights,...
- LibertarianismLibertarianismLibertarianism, in the strictest sense, is the political philosophy that holds individual liberty as the basic moral principle of society. In the broadest sense, it is any political philosophy which approximates this view...
- Red ToryRed ToryA red Tory is an adherent of a particular political philosophy, tradition, and disposition in Canada somewhat similar to the High Tory tradition in the United Kingdom; it is contrasted with "blue Tory". In Canada, the phenomenon of "red toryism" has fundamentally, if not exclusively, been found in...
ism - State capitalismState capitalismThe term State capitalism has various meanings, but is usually described as commercial economic activity undertaken by the state with management of the productive forces in a capitalist manner, even if the state is nominally socialist. State capitalism is usually characterized by the dominance or...
- Regulatory capitalismRegulatory capitalismThe term Regulatory Capitalism suggests that the operation maintenance and development of the global political economy increasingly depends on administrative rules outside the legislatures and the courts. The general trend despite and beyond the process of liberalization is that of growth rather...
- Mixed economyMixed economyMixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight, in addition to having a variety...
- Mixed economy, The Ayn Rand Lexicon.
- Capitalism 2.0: Distributed, Democratic Capitalism, Sramana Mitra
- Politics: individual rights and capitalism, in Objectivism (Ayn Rand)Objectivism (Ayn Rand)Objectivism is a philosophy created by the Russian-American philosopher and novelist Ayn Rand . Objectivism holds that reality exists independent of consciousness, that human beings have direct contact with reality through sense perception, that one can attain objective knowledge from perception...
- What is capitalism, in Capitalism: The Unknown IdealCapitalism: the Unknown IdealCapitalism: The Unknown Ideal is a collection of essays, mostly by Ayn Rand, with additional essays by her associates Nathaniel Branden, Alan Greenspan and Robert Hessen. The book focuses on the moral nature of laissez-faire capitalism and private property...