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- Adam Przeworski has done the most to clarify how this is possible. According to him, the basis of capitalist democracy is a class compromise in which workers exercise restraint in their demands on capitalists in exchange for capitalists continuing to invest and thereby continuing to produce society wide economic growth.
sociology.berkeley.edu/sites/default/files/faculty/Riley/Riley2022b.pdf
Class compromise has survived as a central concept (e.g. Swenson 1991; Garrett 1998; Acemoglu and Robinson 2005), but conceptualizing capitalist democracy as a class compromise does not itself take us very far in explaining the variance in policies and outcomes across countries.
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Capitalism and democracy were an inherently unstable combination; once the working-class majority mobilized as a class, democratic institutions would provide the political tools to demolish capitalism.
But there is a decisive difference: whereas certain forms of capitalism produce and function with an extreme concentration of wealth and capital, democracies cannot coexist with a similar constellation and concentration of power. Finally, capitalism and democracy can support each other.
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Jul 7, 2011 · Class compromise has survived as a central concept (e.g. Swenson 1991; Garrett 1998; Acemoglu and Robinson 2005), but conceptualizing capitalist democracy as a class compromise does not itself take us very far in explaining the variance in policies and outcomes across countries.
Mar 7, 2014 · This paper will argue that democracy, in the modern sense, emerges in the context of a compromise between the major classes that define a capitalist system, a working class and a wealthy...
According to him, the basis of capitalist democracy is a class compromise in which workers exercise restraint in their demands on capitalists in exchange for capitalists continuing to invest and thereby continuing to produce society wide economic growth.
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A class compromise means that in exchange for workers moderating their militancy, capitalists agree to reinvest part of the surplus (profits) and to give workers some of the fruits of this reinvestment in the form of productivity based wage increases.
