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.
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