The Emerging Paradoxical Possibility of a Democratic Economy

This paper considers what happens in advanced industrial economies like that of the US, where traditional redistributive economic policies and programs have fallen out of favor, yet forces of crisis, which radicals once predicted would usher in a new, more egalitarian and democratic era, are well attenuated. It is argued that, paradoxically, as the growth potential of corporate capitalism declines and traditional redistributive mechanisms weaken, new spaces are opening up in which new, democratized forms of ownership and control of wealth are slowly emerging. After describing these developments, the paper explores the long-run possibilities and prospects their evolution may entail

Capitalism · Democracy · Development economics · Economic system · Economics · Emerging markets · Macroeconomics · Market economy · Political economy · Political science · Politics · Economic Theory and Policy · Law · Political Economy and Marxism

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