Abstract
This chapter traces the development of capitalism and its association with democracy. Capitalism started as a wild animal, was tamed by government regulations and labor unions and a strong middle class, and was later humanized in reaction to the challenge posed by socialism. The demise of the socialist system gave capitalism the opportunity to resume its wild nature. However, owing to the positive role it played in the life of Western societies for generations, it became an integral part of Western culture. So to keep the name of capitalism, the free markets concept was replaced by “market capitalism” while emptying capitalism of its social and economic mission. Though democracy is failing as a political system, it has flourished as a sociocultural value. Both the capitalist and democratic systems badly need restructuring.
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Notes
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Ibid.
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Ibid.
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Ibid.
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Quoted in Arthur M. Schlesinger , Jr., The Coming of the New Deal, 479.
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See Mohamed Rabie , A Theory of Sustainable Sociocultural and Economic Development, Palgrave Macmillan, 2016.
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Rabie, M. (2018). Capitalism and Democracy. In: The Global Debt Crisis and Its Socioeconomic Implications. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66215-2_6
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