Both democracy and capitalism are experiencing a crisis of confidence: Rising levels of inequality, corruption, and an overall lack of accountability have led citizens to seek alternatives. But while free-market economies are widely blamed for these ills, Semuhi Sinanoglu, Lucan Way, and Steven Levitsky argue in the new issue of the Journal of Democracy that, in fact, capitalism is a key to democracy’s success.
A free market can foster pluralism and insulate civilians from authoritarian coercion. But money used the wrong way has enormous potential for destruction. The Journal of Democracy essays below, free for a limited time, explore the complex relationship between capitalism and democracy.
Can Capitalism Save Democracy?
Capitalism is often blamed for democracy’s ills. But much of the blame is misplaced. It is not business capture of the state but rather state capture of business that poses the greatest danger to democracy.
Semuhi Sinanoglu, Lucan Way, and Steven LevitskyAmerica’s Crisis of Civic Virtue
The problem for democracy today is not capitalism; it is a decline in public honesty and civility. But there is an opportunity to revive our sense of national community, if we seize it.
Arthur C. BrooksHow Financial Secrecy Undermines Democracy
An expansive underworld of hidden wealth lies beneath the everyday economy. This stealth network of tax havens, secret trusts, and offshore accounts is weakening democratic institutions and fueling our worst enemies.
Charles G. Davidson and Ben JudahThe Rise of Kleptocracy: Laundering Cash, Whitewashing Reputations
To safeguard their ill-gotten gains, kleptocrats rely on a web of transnational relationships and the complicity of Western fixers.
Alexander Cooley, John Heathershaw, and J.C. SharmanHas Liberalism Failed?
Our rising levels of inequality have put its ideals in crisis. These are the simple principles that can help bring it back from the edge.
Thomas F. Remington
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