Capitalism and Liberal Democracy: Incompatible Partners Capitalism detracts from a liberal democracy. While the two often emerge simultaneously an unbridled free market economy, in time leads to the degradation of democratic institutions by creating a society characterized by extremes of wealth/power and poverty/powerlessness. This is especially a problem when it involves a global economy and the rise of multinational and extra-national corporations. It will be demonstrated that core values of a liberal democracy are at odds with those of corporations. Corporations and thus capitalism can be regulated in a way to minimize the impact of these differing values but to do so requires the prioritizing of one’s individual role as a consumer and...The end:
.....rations, rather than citizens control government. This view supports the thesis that unbridled capitalism is inconsistent with liberal democracy. Wolf, Martin. The Morality of the Market. Foreign Policy (138), p. 47-50. September/October 2003. Wolf calls the notion that capitalism is immoral or inhumane “nonsense.” Instead it fosters all of those positive values necessary for living in a society. Not only does capitalism support liberal democracy, according to Wolf, it is a necessary component that makes democracy possible. Wolf’s defense of capitalism is a good counter-point for this essay. He provides a list of arguments supporting the free market to serve as a rebuttal to the thesis that capitalism is inconsistent with liberal democracy.