Democratic capitalism - Wikipedia Democratic capitalism From Wikipedia, the free encyclopedia Jump to navigation Jump to search Part of a series on Capitalism Concepts Business Business cycle Businessperson Capital Capital accumulation Capital markets Capitalist mode of production Company Corporation Competitive markets Economic interventionism Economic liberalism Economic surplus Entrepreneurship Fictitious capital Financial market Free price system Free market Goods and services Investor Invisible hand Liberalization Marginalism Money Private property Privatization Profit Rent seeking Supply and demand Surplus value Value Wage labour Economic systems Anglo-Saxon Authoritarian Corporate Dirigist Free-market Humanistic Laissez-faire Liberal Libertarian Market Mercantilist Mixed Monopoly National Neoliberal Nordic Private Raw Regulated market Regulatory Rhine Social State State-sponsored Welfare Economic theories American Austrian Chartalism MMT Chicago Classical Institutional Keynesian Neo- New Post- Marxian Monetarist Neoclassical New institutional Supply-side Origins Age of Enlightenment Capitalism and Islam Commercial Revolution Feudalism Industrial Revolution Mercantilism Primitive accumulation Physiocracy Simple commodity production Development Advanced Consumer Community Corporate Crony Finance Global Illiberal Late Marxist Merchant Progressive Rentier State monopoly Techno People Adam Smith John Stuart Mill David Ricardo Thomas Robert Malthus Jean-Baptiste Say Karl Marx Milton Friedman Friedrich Hayek John Maynard Keynes Alfred Marshall Ludwig von Mises Ayn Rand Murray Rothbard Joseph Schumpeter Thorstein Veblen Max Weber Ronald Coase Related topics Anti-capitalism Capitalist state Consumerism Crisis theory Criticism of capitalism Cronyism Culture of capitalism Evergreening Exploitation Globalization History History of theory Market economy Periodizations of capitalism Perspectives on capitalism Post-capitalism Speculation Spontaneous order Venture philanthropy Wage slavery Ideologies Anarcho-capitalism Authoritarian capitalism Democratic capitalism Dirigism Eco-capitalism Humanistic capitalism Inclusive capitalism Liberal capitalism Liberalism Libertarian capitalism Neo-capitalism Neoliberalism Objectivism Ordoliberalism Right-libertarianism Third Way  Capitalism portal  Business portal  Philosophy portal  Politics portal  Money portal v t e Part of the Politics series Democracy History Theory Types Anticipatory Athenian Authoritarian Cellular Consensus Cosmopolitan Defensive Deliberative Direct Economic Electronic Empowered Ethnic Grassroots Guided Inclusive Industrial Interactive Jacksonian Jeffersonian Liberal / Illiberal Hybrid regime Liquid Majoritarian democracy Media Monitory Multiparty National New Non-partisan Participatory People's Pluralist Popular Procedural Radical Representative Religious Buddhist Christian Islamic Jewish Mormon Sectarian Semi Semi-direct Social Socialist Sociocracy Sovereign Soviet Substantive Totalitarian Workplace Related topics Anarchism Kleroterion Democratic capitalism Democratic centralism Democratic confederalism Democratic republic Democratic socialism Democratization Democracy and economic growth Democracy in Marxism Democracy promotion Liberalism Libertarianism Majoritarianism Motion Ochlocracy Peaceful transition of power People's democratic dictatorship Polyarchy Populism Sortition Tyranny of the majority Voting Wars between democracies Waves of democracy Politics portal v t e Part of a series on Economic systems By ideology Associative Capitalist Corporate Democratic Laissez-faire Mercantilist Neoliberal Neomercantilist Protectionist Social market State Welfare Democratic Fascist Feminist Georgist Green Religious Christian Islamic Socialist Anarchist Communalist Communist Market socialist Mutualist Participatory Socialist market Socialist-oriented market Syndicalist Social credit Traditionalist Corporatist Distributist Feudalism By coordination Closed (autarky) Decentralized Digital Dirigist Dual Gift Informal Market Mixed Natural Open Planned Robinson Crusoe Subsistence Underground Vertical archipelago Virtual By regional model Asian East Asian Chinese Singaporean European Anglo-Saxon German Nordic Rhenish Soviet Latin America Socialism of the 21st century Sectors Common ownership Private Public Voluntary Property types Collective ownership Commons (Common ownership) Private property State ownership Social ownership Transition Collectivization Communization Corporatization Demutualization Deregulation Expropriation Financialization Liberalization Marketization Municipalization Mutualization Nationalization Privatization Socialization Marxist Coordination Barter Market Free Open Regulated Planning In kind Cybernetics Indicative Material balancing Price Self-managed Peer-to-peer Sharing Open access Other types Commons-based peer production Expeditionary Hunter-gatherer Inclusive Democracy Information Manorialism Newly industrialized Palace Plantation Plutonomy Post-capitalist Post-industrial Post-scarcity Resource-based Token Traditional Transition World  Business and economics portal v t e Part of a series on Liberalism History Age of Enlightenment List of liberal theorists (contributions to liberal theory) Ideas Civil and political rights Cultural liberalism Democracy Democratic capitalism Economic freedom Economic liberalism Egalitarianism Free market Free trade Freedom of the press Freedom of religion Freedom of speech Gender equality Harm principle Internationalism Laissez-faire Liberty Market economy Natural and legal rights Negative/positive liberty Non-aggression Principle Open society Permissive society Private property Rule of law Secularism Separation of church and state Social contract Welfare state Schools of thought Anarcho-capitalism Classical liberalism Radical liberalism Left-libertarianism Geolibertarianism Right-libertarianism Conservative liberalism Democratic liberalism Green liberalism Liberal autocracy Liberal Catholicism Liberal conservatism Liberal feminism Equity feminism Liberal internationalism Liberal nationalism Liberal socialism Social democracy Muscular liberalism Neoliberalism National liberalism Ordoliberalism Radical centrism Religious liberalism Christian Islamic Jewish Secular liberalism Social liberalism Technoliberalism Third Way Whiggism People Acton Alain Alberdi Alembert Arnold Aron Badawi Barante Bastiat Bentham Berlin Beveridge Bobbio Brentano Bright Broglie Burke Čapek Cassirer Chicherin Chu Chydenius Clinton Cobden Collingdood Condorcet Constant Croce Cuoco Dahrendorf Decy Dewey Dickens Diderot Dongsun Dunoyer Dworkin Einaudi Emerson Eötvös Flach Friedman Galbraith Garrison George Gladstone Gobetti Gomes Gray Green Gu Guizot Hayek Herbert Hobbes Hobhouse Hobson Holbach Hu Humboldt Jefferson Jubani Kant Kelsen Kemal Keynes Korais Korwin-Mikke Kymlicka Lamartine Larra Lecky Li Lincoln Locke Lufti Macaulay Madariaga Madison Martineau Masani Michelet Mill (father) Mill (son) Milton Mises Molteno Mommsen Money Montalembert Montesquieu Mora Mouffe Naoroji Naumann Nozick Nussbaum Obama Ohlin Ortega Paine Paton Popper Price Priestley Prieto Quesnay Qin Ramírez Rathenau Rawls Raz Renan Renouvier Renzi Ricardo Röpke Rorthy Rosmini Rosselli Rousseau Ruggiero Sarmiento Say Sen Earl of Shaftesbury Shklar Sidney Sieyès Şinasi Sismondi Smith Soto Polar Spencer Spinoza Staël Sumner Tahtawi Tao Thierry Thorbecke Thoreau Tocqueville Tracy Troeltsch Turgot Villemain Voltaire Ward Weber Wollstonecraft Zambrano Organizations Africa Liberal Network Alliance of Liberals and Democrats for Europe Alliance of Liberals and Democrats for Europe Party Arab Liberal Federation Council of Asian Liberals and Democrats European Democratic Party European Liberal Youth European Party for Individual Liberty International Alliance of Libertarian Parties International Federation of Liberal Youth Liberal International Liberal Network for Latin America Liberal parties Liberal South East European Network Regional variants Europe Latin America Albania Armenia Australia Austria Belgium Bolivia Brazil Bulgaria Canada China Chile Colombia Croatia Cuba Cyprus Czech lands Denmark Ecuador Egypt Estonia Finland France Georgia Germany Greece Honduras Hong Kong Hungary Iceland India Iran Israel Italy Japan Latvia Lithuania Luxembourg Macedonia Mexico Moldova Montenegro Netherlands New Zealand Nicaragua Nigeria Norway Panama Paraguay Peru Philippines Poland Portugal Romania Russia Senegal Serbia Slovakia Slovenia Spain South Africa South Korea Sweden Switzerland Thailand Tunisia Turkey Ukraine United Kingdom United States Arizona School Classical Modern Uruguay Venezuela Zimbabwe Related topics Bias in academia Bias in the media  Liberalism portal  Politics portal v t e Democratic capitalism, also referred to as market democracy, is a political and economic system that combines capitalism and strong social policies]. It integrates resource allocation by marginal productivity (synonymous with free-market capitalism), with policies of resource allocation by social entitlement.[1] The policies which characterise the system are enacted by democratic governments.[1] Democratic capitalism was implemented widely in the 20th century, particularly in Europe and the Western world after the Second World War. The coexistence of capitalism and democracy, particularly in Europe, was supported by the creation of the modern welfare state in the post-war period.[2] The implementation of democratic capitalism typically involves the enactment of policies expanding the welfare state, strengthening the collective bargaining rights of employees, or strengthening competition laws. These policies are enacted in a capitalist economy characterized by the right to private ownership of productive property. Catholic social teaching offers support for a communitarian form of democratic capitalism with an emphasis on the preservation of human dignity. Contents 1 Definition 2 History 2.1 Early to mid-20th century 2.1.1 United States 2.1.2 Europe 2.2 Late 20th century 2.2.1 United States 2.2.2 Europe 2.2.3 South Africa 2.3 Early 21st century 2.3.1 India 3 Implementation 3.1 Competition law 4 Conflicts between notions of resource allocation 5 In Catholic social teaching 6 See also 7 References Definition[edit] Democratic capitalism is a type of political and economic system[3] characterised by resource allocation according to both marginal productivity and social need, as determined by decisions reached through democratic politics.[1] It is marked by democratic elections, freedom, and rule of law, characteristics typically associated with democracy.[4][5] It retains a free-market economic system with an emphasis on private enterprise.[4][5] Professor of Entrepreneurship Elias G. Carayannis and Arisitidis Kaloudis, Economics Professor at the Norwegian University of Science and Technology (NTNU), describe democratic capitalism as an economic system which combines robust competitiveness with sustainable entrepreneurship, with the aim of innovation and providing opportunities for economic prosperity to all citizens.[6] Dr Edward Younkins, professor at Wheeling Jesuit University, described democratic capitalism as a “dynamic complex of economic, political, moral-cultural, ideological, and institutional forces”, which serves to maximize social welfare within a free market economy.[7] Youkins states that the system of individual liberty inherent within democratic capitalism supports the creation of voluntary associations, such as labour unions.[7] Philosopher and writer Michael Novak characterised democratic capitalism as a blend of a free-market economy, a limited democratic government, and moral-cultural system with an emphasis on personal freedom.[8] Novak comments that capitalism is a necessary, but not a sufficient condition of democracy.[8] He also proposes that the prominence of democratic capitalism in a society is strongly determined by the religious concepts which drive its customs, institutions, and leaders.[9] History[edit] Early to mid-20th century[edit] The development of democratic capitalism was influenced by several historical factors, including the rapid economic growth following World War One, the Great Depression, and the political and economic ramifications of World War Two.[10][11] The growing critique of free-market capitalism and the rise of the notion of social justice in political debate contributed to the adoption of democratic capitalist policies.[10] Mount Washington Hotel in Bretton Woods, New Hampshire, the location of the Bretton Woods Conference At the Bretton Woods Conference of 1944, officials from the United States and the United Kingdom and forty-two other nations committed to trade openness.[11] This commitment was made in conjunction with international guidelines which guaranteed autonomy for each country in responding to economic and social demands of its voters.[11] Officials requested international capital controls which would allow governments to regulate their economies while remaining committed to the goals of full employment and economic growth.[11] The adoption of the General Agreement on Tariffs and Trade supported free trade, while allowing national governments to retain veto power over trade policy.[11] Such developments saw the incorporation of democratic demands into policies based on capitalist economic logic.[11] A display of the flags of the nations which participated in the Bretton Woods Conference, located in the Gold Room at Mount Washington Hotel Democratic capitalism was first widely implemented after the Second World War in the Western world, particularly in North America and Western Europe.[1] Following the severe economic impacts of the war, working classes in the Western world were more inclined to accept capitalist markets in conjunction with political democracy, which enabled a level of social security and improved living standards.[1] In the post-war decades, democratic capitalist policies saw reduced levels of socioeconomic inequality.[10] This was synonymous with the expansion of welfare states, more highly regulated financial and labour markets, and increased political power of labour unions.[10] According to political scientist Wolfgang Merkel, democracy and capitalism coexisted with more complementarity at this time than at any other point in history.[10] Policy makers in Europe and Asia adopted democratic capitalist policies in an attempt to satisfy the social needs of their voters and respond to the challenge of communism.[5] The policies implemented supported the public provision of medical care, improved public housing, aged care, and more accessible education.[5] Guarantees of full employment and the support of private research and innovation became priorities of policy makers.[5] Policy developments were based on the rising notion that free markets required some state intervention to maintain them, provide structure, and address social inequities caused by them.[5] Governments around the world regulated existing markets in an attempt to increase their equity and effectiveness.[5] In order to stabilise the business cycle, the role of government was reconceived by anticommunist leaders in Britain, France, Italy, Germany, Scandinavia, and Japan.[5] An emphasis was placed on supporting economic growth, promoting innovation, and enhancing living standards.[5] This saw the expansion of educational opportunities and public insurance of basic health and aged benefits.[5] United States[edit] As automated production expanded in the United States, demand for semi skilled workers increased.[11] Combined with the expansion of secondary education, this saw the development of a large working class.[11] The resulting strong economic growth and improved income equality allowed for greater social peace and universal suffrage.[11] Capitalism was viewed as a means of producing the wealth which maintained political freedom, while a democratic government ensured accountable political institutions and an educated labour force with its basic rights fulfilled.[11] Europe[edit] In the postwar period, free market economic systems with political systems of democracy and welfare states were established in France and Germany.[11] This occurred under the leadership of the Popular Republican Movement in France and the Christian Democratic Union in Germany.[11] Late 20th century[edit] Following the oil shocks of the 1970s and the productivity slowdown in the United States in the 1980s, politicians and voters maintained strong support for democratic capitalist policies and free markets.[11] Globalisation and free trade were promoted as a means of boosting economic growth, and this saw the formation of the North American Free Trade Agreement and the European Union.[11] Labour market and competition regulations were eased in existing free-market economies, particularly in Anglo-America.[11] Rapid technological innovation and globalisation brought widespread international economic change.[11] Publicly funded democratic capitalist policies were designed and implemented to compensate individuals negatively affected by major, structural economic change.[11] Implemented beginning in the early years of the Cold War, such policies included unemployment benefits, universal or partially universal healthcare, and aged pensions.[11] Post-1970s, the number of public sector jobs available expanded.[11] Ageing populations in Europe, Japan and North America saw large increases in public spending on pensions and healthcare.[11] In the 1980s, Organisation for Economic Co-operation and Development economies began reducing corporate taxation, though personal income taxes and public spending on social security programs generally remained stable.[11] Large-scale innovation in production technology throughout the 20th century had widespread economic benefits in many capitalist economies.[11] These benefits contributed to the conciliation of democratic politics and free markets and the widespread acceptance of democratic capitalist policies by voters.[11] From the late 20th century, the tenets of democratic capitalism expanded more broadly beyond North America and Western Europe.[12] United States[edit] Ronald Reagan, 40th president of the United States After taking office as president in 1981, Ronald Reagan advocated for a reduced role of government, while responding to voters’ skepticism of liberal capitalism by maintaining strong public sector spending.[5] Many voters doubted the ability of free market capitalism to provide consistent peace, security and opportunity, and sought improved living standards, aged care, and educational opportunities for youth.[5] The Reagan administration maintained previous levels of government expenditure on Social Security and Medicare as a proportion of gross domestic product (GDP).[5] Total government expenditure levels as a percentage of GDP also remained stable under the Reagan administration.[5] Europe[edit] From the mid-1980s, European leaders began endorsing neoliberal ideas, such as those associated with Reaganomics and Thatcherism, based on the notion of the interdependence of economic and social policy.[12] In this context, European competition law policy developed as a method of curbing the excesses of capitalism, while aligning the economy of the European Union with the existing democratic ideals of European society.[12] This saw the advancement of democratic capitalism throughout the European region.[12] South Africa[edit] The South African Competition Act of 1998 prioritised the eradication of anticompetitive business practices and the free participation in the economy of all citizens, while maintaining a pro-free-market economy.[4] Early 21st century[edit] India[edit] India enacted the Competition Act, 2002 to promote and sustain competition and protect the welfare of market participants, goals synonymous with democratic capitalism.[4] Implementation[edit] The post-war implementation of democratic capitalism saw the expansion of welfare states and the free collective bargaining rights of employees, alongside market policies designed to ensure full employment.[1] Under democratic capitalism, an autonomous democratic state enacts of policies which in effect create a compromise between upper and lower classes, while remaining compatible with free-market capitalism.[13] Such policies include the establishment or expansion of a welfare state, as a method of mediating social class conflict and catering to the demands of workers.[13] The system is characterised by the establishment of cooperative economic institutions.[14] This includes institutions which facilitate bargaining between government bodies and business and labour organisations such as unions, and those which regulate the relationships between employees and management within private firms.[14] The development of institutions to promote cooperation among public and private economic entities acknowledges the benefits of market competition, while attempting to address the social problems of unrestrained capitalism.[14] Economic security concerns of citizens are addressed through redistributive policies.[14] Such policies include income transfers, such as welfare payment programs and pensions, to support the financial needs of the elderly and the poor.[14] Other policies which promote economic security include social insurance, and the fiscal financing of education and job training programs to stimulate employment.[14] The right to private ownership of productive property is a central tenet of democratic capitalism, and is recognized as a basic liberty of all democratic citizens, as in a regular free-market capitalist economy.[15] According to political philosopher John Tomasi, democratic capitalism addresses social entitlement and justice concerns through the preservation of citizens’ private property rights, allowing citizens to be “free, equal, and self-governing”.[15] The robust competitiveness and sustainable entrepreneurship which define democratic capitalism are characterised by top-down policies and bottom-up initiatives implemented by democratic governments.[6] Top-down policies are planned and implemented by formal leaders in an organisation, while bottom-up policies involve gradual change initiated and sustained by lower-level members of organisations.[16] Policies implemented are designed to incentivise public and private sector innovation.[6] Examples include strong research and development funding, and policies which protect intellectual property rights.[6] Competition law[edit] See also: United States antitrust law Further information: Competition law A characteristic of democratic capitalist economies is the democratic enactment of laws and regulations to support competition. Such laws include United States antitrust laws.[4] Competition laws are designed to regulate private sector activities, including the actions of capital asset owners and managers, in order to prevent outcomes which are socially undesirable according to the democratic majority.[4] The implementation of competition law is intended to prevent anti-competitive behaviour that is harmful to the welfare of consumers, while maintaining a free market economy.[4] The implementation of antitrust laws was found to be a characteristic of democratic capitalism specifically, and not regular free-market capitalism.[4] Conflicts between notions of resource allocation[edit] According to economic sociologist Wolfgang Streeck, the capitalist markets and democratic policies that characterise democratic capitalism are inherently conflicting.[1] Streeck suggests that under democratic capitalism, governments tend to neglect policies of resource allocation by marginal productivity in favour of those of resource allocation by social entitlement, or vice versa.[1] In particular, he comments that the accelerating inflation of the 1970s in the Western world can be attributed to rising trade-union wage pressure in labour markets and the political priority of full employment, both of which are synonymous with democratic capitalism.[1] In Catholic social teaching[edit] Pope John Paul II, author of Centesimus annus Catholic texts offer support for a form of socially regulated democratic capitalism.[17] The papal encyclical Centesimus annus, written by Pope John Paul II, emphasizes a vision of a communitarian form of democratic capitalism.[17] The communitarian system of democratic capitalism described promotes respect for individual rights and basic workers’ rights, a virtuous community, and a limited role for the state and the market.[17] According to the encyclical, these characteristics should be combined with a conscious effort to promote institutions which develop character in individuals.[17] The encyclical stressed to decision makers the importance of the dignity of the person and a concern for the poor, while acknowledging the need to balance economic efficiency with social equity.[17] The US Bishops’ 1986 Pastoral Letter Economic Justice for All suggested that specific institutional arrangements be developed to support this form of democratic capitalism.[17] Arrangements proposed included structures of accountability designed to involve all stakeholders, such as employees, customers, local communities, and wider society, in the corporate decision making process, as opposed to stockholders only.[17] The letter offered acceptance for the market economy under the condition that the state intervene where necessary to preserve human dignity.[17] See also[edit] Social democracy Democratic socialism Democratic communism Mixed economy Regulatory capitalism State capitalism Welfare capitalism References[edit] ^ a b c d e f g h i "Wolfgang Streeck, The Crises of Democratic Capitalism, NLR 71, September–October 2011". New Left Review. Retrieved 2020-05-20. ^ Muller, Jerry Z. (March 2013). "Capitalism and Inequality". Foreign Affairs. ^ Wilde, Keith; Schulte, R. G. (2001). "Democratic capitalism vs. binary economics". Journal of Behavioral and Experimental Economics. 30 (2): 99–118. ^ a b c d e f g h Parakkal, Raju; Bartz-Marvez, Sherry (2013-12-01). "Capitalism, Democratic Capitalism, and the Pursuit of Antitrust Laws". The Antitrust Bulletin. 58 (4): 693–729. doi:10.1177/0003603X1305800409. ISSN 0003-603X. S2CID 153333622. ^ a b c d e f g h i j k l m n Leffler, Melvyn P. (2017-08-02). Safeguarding Democratic Capitalism. ISBN 978-0-691-17258-3. ^ a b c d Carayannis, Elias G.; Kaloudis, Aris (2010-03-01). "A Time for Action and a Time to Lead: Democratic Capitalism and a New "New Deal" for the US and the World in the Twenty-first Century". Journal of the Knowledge Economy. 1 (1): 4–17. doi:10.1007/s13132-009-0002-y. ISSN 1868-7873. S2CID 154700666. ^ a b "The Conceptual Foundations of Democratic Capitalism". www.quebecoislibre.org. Retrieved 2020-05-20. ^ a b "Democratic Capitalism". National Review. 2013-09-24. Retrieved 2020-05-20. ^ Thode, Edward F. (1983-07-01). "The Spirit of Democratic Capitalism". Academy of Management Review. 8 (3): 514–515. doi:10.5465/amr.1983.4284623. ISSN 0363-7425. ^ a b c d e Merkel, Wolfgang (2014). "Is capitalism compatible with democracy?". Comparative Governance and Politics. 8 (2): 109–128. doi:10.1007/s12286-014-0199-4. S2CID 150776013. ^ a b c d e f g h i j k l m n o p q r s t u v w Boix, Carles (2019-05-28). Democratic Capitalism at the Crossroads. ISBN 978-0-691-19098-3. ^ a b c d Parakkal, Raju (2016-06-01). "Ordoliberalism in European Competition Policy: The Logic of Democratic Capitalism in Talbot's Essay". The Antitrust Bulletin. 61 (2): 290–292. doi:10.1177/0003603X16644119. ISSN 0003-603X. S2CID 157387580. ^ a b Ianoni, Marcus (2013). "Autonomy of the state and development in the democratic capitalism". Brazilian Journal of Political Economy. 33 (4): 577–598. doi:10.1590/S0101-31572013000400002. ISSN 0101-3157. ^ a b c d e f Hicks, Alexander; Kenworthy, Lane (1998). "Cooperation and Political Economic Performance in Affluent Democratic Capitalism". American Journal of Sociology. 103 (6): 1631–1672. doi:10.1086/231403. ISSN 0002-9602. JSTOR 10.1086/231403. S2CID 143829093. ^ a b Tomasi, John (2014-10-02). "Democratic Capitalism: A Reply to Critics". Critical Review. 26 (3–4): 439–471. doi:10.1080/08913811.2014.988417. ISSN 0891-3811. S2CID 145350468. ^ Gl, Stewart; Ka, Manges; Mm, Ward (2015). "Empowering Sustained Patient Safety: The Benefits of Combining Top-down and Bottom-up Approaches". Journal of Nursing Care Quality. 30 (3): 240–6. doi:10.1097/NCQ.0000000000000103. PMID 25479238. S2CID 5613563. ^ a b c d e f g h Williams, Oliver F. (1993-12-01). "Catholic Social Teaching: A communitarian democratic capitalism for the new world order". Journal of Business Ethics. 12 (12): 919–932. doi:10.1007/BF00871711. ISSN 1573-0697. S2CID 143113898. v t e Capitalism Aspects and perspectives General Anarchy of production Business cycle Centralization Competition Depression Deregulation Economic bubble Economic development Economic liberalism Economic planning Entrepreneurship Ecoprenuership Externalities Financial crisis Financial Revolution Globalization History of capitalist theory Industrial Revolution Invention Market economy Market failure Merchantilism Meritocracy Multinational corporation Nationalization Oligopoly Perspectives on capitalism by school of thought Privatization Profit Property rights Recession Regulation Wage labour Wealth Ideology Anglo-Saxon Authoritarian Corporate Democratic Dirigist Free-market Humanistic Laissez-faire Liberal Libertarian Market Mercantilist Mixed Monopoly National Neo Neoliberal Nordic Private Raw Regulated market Regulatory Rhine Social State State-sponsored Welfare Cultural aspects Advertising American Dream Consumerism Decentralization Economic freedom Economic mobility Individualism Liberalism Liberty Mainstream Philanthropy Private foundation Private property Rule of law Social alienation Spontaneous order Social aspects Corporatism Economic inequality Employment Freedom of association Labour market flexibility Labour supply Productivity Prosperity Social venture capital Unemployment Criticism Anti-capitalism Market fundamentalism Marxism Wage slavery Antithesis Anarchism Anarcho-communism Anarcho-primitivism Anarcho-syndicalism Collectivist anarchism Communalism Communism Economic democracy Eco-socialism Free-market socialism Green anarchism Individualist anarchism Libertarian socialism Market anarchism Market socialism Mutualism Participism Post-capitalism Post-scarcity economy Sharing economy Social anarchism Socialism Syndicalism Retrieved from "https://en.wikipedia.org/w/index.php?title=Democratic_capitalism&oldid=998266421" Categories: Capitalism Democracy Economic ideologies Economic liberalism Economic systems Ideologies of capitalism Types of democracy Navigation menu Personal tools Not logged in Talk Contributions Create account Log in Namespaces Article Talk Variants Views Read Edit View history More Search Navigation Main page Contents Current events Random article About Wikipedia Contact us Donate Contribute Help Learn to edit Community portal Recent changes Upload file Tools What links here Related changes Upload file Special pages Permanent link Page information Cite this page Wikidata item Print/export Download as PDF Printable version Languages العربية Català Español Français 한국어 हिन्दी Русский Edit links This page was last edited on 4 January 2021, at 15:57 (UTC). Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Mobile view Developers Statistics Cookie statement