While capitalism today is widely seen as a threat to democracy, the free market plays a central role in fostering pluralism. A strong and autonomous private sector is critical to the creation of a robust opposition and an independent civil society that are central to democratic resilience. At the same time, even rich and powerful private sectors in high-income countries may be vulnerable to government pressure with regulatory coercion — a fact that makes these countries potentially susceptible to democratic backsliding. Indeed, state capture of business — to a greater degree than business capture of the state — represents the most direct threat to democratic survival.
About the Authors
Semuhi Sinanoglu
Semuhi Sinanoglu is a researcher at the German Institute of Development and Sustainability (IDOS).
Lucan Way is Distinguished Professor of Democracy at the University of Toronto, co-director of the Petro Jacyk Program for the Study of Ukraine, and co-chair of the Journal of Democracy Editorial Board.
In March 2008, Malaysian voters dealt the long-ruling National Front coalition an enormous shock—pushing that party closer to losing power than it has ever been in Malaysia’s entire history as…
With Austria’s and Switzerland’s leading political parties having “rigged the political marketplace” by forming Grand Coalitions, voters have turned to the radical right as the only available alternative.