Capitalism and Democracy

Allies, Rivals, or Strangers?

Bibliographic Data

ID23626229
AuthorsJulian Reis (0000-0001-8192-3234, Erasmus University Rotterdam, corresponding author), Julian Reiss (Erasmus University Rotterdam)
Year2019
Pages316-336
Publication date2019-06-13
Open AccessNo
TypeCHAPTER
VenueOxford Handbook of Ethics and Economics (SOURCE_BOOK)
PublisherOxford University Press (PUBLISHER • GB)
DOI10.1093/oxfordhb/9780198793991.013.19
OpenAlexW2966126723
ISBN9780198793991
LanguageEN
Citations received1
References cited15

This chapter examines the interrelationships between democracy on the one hand and capitalism (or what I prefer to call “the liberal economy”) on the other. Liberal thinkers tend to maintain that the two are allies, at least as long as democracy is (constitutionally or otherwise) limited. Socialists regard them as rivals, as “true” democracy can be realized only under socialism or communism. Joseph Schumpeter stands out as the commentator who argued that there is no strong relationship at all between the two: any economic arrangement can be combined successfully with any political arrangement. I survey both the classical views on this topic and a number of more recent contributions.

Capitalism · Communism · Democracy · Economic system · Economics · Liberal democracy · Neoclassical economics · Political economy · Political science · Politics · Socialism · Sociology · Law · Political Economy and Marxism

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