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“sums up, brings up-to-date and slightly modifies the result of Schumpeter’s life-long work and study [not only of socialism but of economic theory as well]”. 5 There is also the fact that the period during which Capitalism, Socialism and Democracy was written was a particularly turbulent and dramatic one in Schumpeter’s life. He was ...
Jul 10, 2021 · The capitalist state was designed to protect the collective interests of the capitalist class against the working class and against the short-sighted behavior of individual capitalists; thus the state had some autonomy. 12 But for Marx and many Marxists, democracy itself was a sham set up to protect capitalism.
- Abstract
- Representation regimes
- Dynamics
- Acknowledgements
This paper argues that the relationship between capitalism and democracy is not immutable but subject to changes over time best understood as movements across distinctive growth and representation regimes. Growth regimes are the institutionalized practices central to how a country secures economic prosperity based on complementary sets of firm str...
Two issues are central to contemporary debates about the relationship between capitalism and democracy. The first, normally given the most attention, is: how much control do democratic governments exert over capitalist economies? But, since democracies are representative systems designed to speak for a popular will, an equally important issue is...
This account is revealing about the dynamics through which capitalism and democracy change. Growth regimes and representation regimes are mutually constitutive of each other. As a result, the process whereby they change is marked by multiple endogeneities rather than stark lines of causality. Firm strategies at the heart of growth regimes respon...
For comments on a draft of this paper, I am grateful to Peter Gourevitch, Deborah Mabbett, Jonas Pontusson, Mark Schwartz, Waltraud Schelkle, Ron Rogowski, Yeling Tan and Nicholas Ziegler. Georgina Evans provided helpful research assistance.
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Abstract Capitalism and democracy follow different logics: unequally distributed property rights on the one hand, equal civic and political rights on the other; profit-oriented trade within capitalism in contrast to the search for the common good within democracy; debate, compromise and majority decision-making within demo-
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1. Introduction. are ways of thi. ing about democracy and capitalism that make them seemirreconcilable. economic freedom and enables a small number of hard working or lucky individuals to. ntial wealt. then capitalism may have an inherent tendency to increaseinequality. If democracie.
The third approach explains distributive politics as a function of the specific design of democratic institutions—including electoral rules and federalism. The strategy here is to replace ad hoc model assumptions, such as unidimensionality, with ones that are rooted in careful observation of actual institutional designs.
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At this point, it seems clear that the political manageability of democratic capitalism has sharply declined in recent years, more in some countries than in others, but also overall, in the emerging global political-economic system. As a result the risks seem to be growing, both for democracy and for the economy.
