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

This Element discusses how pervasive cronyism and restricted suffrage are destroying democratic capitalism as a national ideal.

Malcolm S. Salter (Author)

9781009587662, Cambridge University Press

Hardback, published 28 November 2024

96 pages
23.5 x 15.9 x 1.2 cm, 0.28 kg

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.

1. Introduction
2. The idea of democratic capitalism
3. The fading light of democratic capitalism
4. Restoring the promise of democratic capitalism
5. Can firms be more democracy-supporting?
6. A moral culture for democratic capitalism
Appendix: the problematic doctrine of wealth maximization
Bibliography.

Subject Areas: Corporate governance [KJR]