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Series:   Elements in Reinventing Capitalism

The Fading Light of Democratic Capitalism

How Pervasive Cronyism and Restricted Suffrage are Destroying Democratic Capitalism as a National Ideal … And What to do About it

Published online by Cambridge University Press:  14 November 2024

Malcolm S. Salter
Malcolm S. Salter
Affiliation:
Harvard Business School

Summary

This Element discusses how pervasive cronyism and restricted suffrage are destroying democratic capitalism as a national ideal and offers suggestions on how the promise of US-style democratic capitalism can be restored. To this end, the author draws on the work of political philosopher and democracy advocate Danielle Allen in calling attention to the principle of political equality, as well as the two related sub-principles of reciprocity and power sharing, as essential guides. Based on these ideas, a series of practical steps is suggested to make economic and political markets more democratic by curbing cronyism and expanding citizens' access to the political processes governing the nation. The author also discusses how private corporations can become more 'democracy supporting.' The Element ends with some reflections on the moral culture required to restore and sustain public trust and confidence in democratic capitalism as a system of economic and political governance.
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Keywords

democratic capitalismcronyismuniversal suffragepolitical equalitypower sharing
Type
Element
Information
Series: Elements in Reinventing Capitalism
Online ISBN: 9781009587655
Publisher: Cambridge University Press
Print publication: 28 November 2024

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