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The world is witnessing a loss of faith in both capitalism and democracy, which seemed nearly unimaginable just a generation ago. Many blame “the other party.” Others blame capitalism’s flaws, as market systems increase inequality, which is inherently undemocratic — and believe the solution is to strengthen government control and weaken market forces in modern economies. This conclusion is incorrect: In fact, capitalism naturally reinforces democracy, but both are under attack by a decline in civic virtue, in the form of honesty and civility, in politics, the media, academia, and other institutions. The reestablishment of civic virtue should be our priority.
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