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Can Capitalism Be Truly Democratic?

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  • Annamária Artner

Abstract

This article re-examines the relationship between the liberal democracy and the free market with special regard to changes caused by globalization. It concludes that the logic of market mechanisms poses a threat to democracy, while the extension of democracy would inevitably limit the freedom of the market and curb capital accumulation. The globalized free market and liberal democracy contradict each other, and their tandem may be the most developed form of capitalism, but not of human society in general.

Suggested Citation

  • Annamária Artner, 2018. "Can Capitalism Be Truly Democratic?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 793-809, December.
    • Handle: RePEc:sae:reorpe:v:50:y:2018:i:4:p:793-809
    DOI: 10.1177/0486613417741722
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    References listed on IDEAS

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    1. Acemoglu,Daron & Robinson,James A., 2009. "Economic Origins of Dictatorship and Democracy," Cambridge Books, Cambridge University Press, number 9780521671422, September.
    2. North,Douglass C. & Wallis,John Joseph & Weingast,Barry R., 2013. "Violence and Social Orders," Cambridge Books, Cambridge University Press, number 9781107646995.
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    More about this item

    Keywords

    capital accumulation; democracy; fascism; free market; social and economic inequality;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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