Democratic capitalism

Democratic capitalism, also known as capitalist democracy or capitalistic 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, and a liberal moral-cultural system which encourages pluralism.^[1][2]

This economic system supports a capitalist free market economy subject to control by a political system which is in some sense democratic, and supported by the majority.

The United States and Canada are notable in using democratic capitalism as their political-economic system. In the United States, both the Democratic and Republican Parties subscribe to this (little-"d" and "r") democratic-republican philosophy. In Canada, both the Liberal and Conservative Parties subscribe to a belief in the free market, free enterprise, private property, and democratic capitalism. The term is often used to contrast the United States' and Canada's political-economic system, with its emphasis on individual liberties, with that of the more democratic socialist or social democratic economies of other Western countries. Most liberals and conservatives generally support some form of democratic capitalism in their economic practices^{[citation needed]}.

Criticisms: The majority, in its purity, is a form of rulership. 49% of people would be subject to the rulership of 51%. There is, therefore, a tyranny of the majority. Also, it is not a free market if there is a tyrannical force regulating it.

See also

• Classical liberalism
• Individualism
• Liberalism
• Libertarianism
• Mixed economy
• Mixed economy, The Ayn Rand Lexicon.
• Politics: individual rights and capitalism, in Objectivism (Ayn Rand)
• What is capitalism, in Capitalism: The Unknown Ideal

Notes

1. ^ Novak, Michael. The Spirit of Democratic Capitalism. p. 31. 
2. ^ Benne, Robert. The Ethic of Democratic Capitalism. p. 97. 

References

This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (September 2008)

• Novak, Michael (1993), The Catholic Ethic and the Spirit of Capitalism, New York: The Free Press 
• Novak, Michael (1982), The Spirit of Democratic Capitalism, New York: Simon and Schuster 
• Benne, Robert (1981), The Ethic of Democratic Capitalism: A Moral Reassessment, Philadelphia: Fortress Press 
• J. Michael Miller, ed. (1996), The Encyclicals of John Paul II, Huntington: Our Sunday Visitor 

External links

• The Conceptual Foundations of Democratic Capitalism
• Michael Novak's Portrait of Democratic Capitalism

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