The Relationship Between Capitalism And Democracy

The relationship between capitalism and democracy has been defined by many as fundamental complementary ideologies, and social scientists have discovered an undeniable link between the two structures with some suggesting that â€Å"where either capitalism or democracy flourishes, the other must soon follow† (Reich, 2007). Currently, the main form of modern democracy is polyarchal democracy which originated from the Greek word polyarkhe, meaning ‘many rule’. This infers that multiple people within a government system possess political power, making it neither a dictatorship nor a pure democracy ruled by the people. The relationship between these two complementary yet conflicting social structures have led some to believe that there are in fact enemies rather than corresponding entities due to the selfish and competitive nature of capitalism negatively affecting a democracy’s notion of equality. Joseph Schumpeter however, proposed in ‘Capitalism, Socialism and Democracy’ that democracy may function just as effectively under socialism rather than drawing the conclusion that democracy is only generated under the conditions of capitalism. Other social scientists like Rueschemeyer, Stephens and Stephens (1992) believe that â€Å"democracy arises due to its functional fit with the advanced industrial economy†, which provides an answer as to why many 3rd world and developing countries still have yet to implicate the form of democracy in their political systems due to their lack of industrialShow MoreRelatedCharacteristics Of A Nation State902 Words   |  4 Pages While some inhabitants of a nation might accept the the culture of other nations in addition to their own, others might have feelings of deep nationalism. In Scotland, this appeared to be true and what it did was cause somewhat of a social rift between the two nations. 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His answer was simple: capitalism. The Communist Manifesto discusses class and class struggle as a vital part of the capitalist system. Marx and Engels state that class is made up of people who are in the same position in relation to the ownership and control of the means of wealth production.(cite) For Marx and Engels the class struggle between the upper class, or bourgeoisie class and the working class, or the proletariat class is