The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage are Destroying...

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Malcolm S. Salter (Harvard Business School)

The Fading Light of Democratic Capitalism

How Pervasive Cronyism and Restricted Suffrage are Destroying Democratic Capitalism as a National...

Malcolm S. Salter (Harvard Business School)

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English

Cambridge University Press
28 November 2024

Social discrimination; Elections & referenda; Political structures: democracy; Political corruption; Economic systems & structures

Series: Elements in Reinventing Capitalism

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.

By: Malcolm S. Salter (Harvard Business School)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm, Spine: 6mm
Weight: 277g
ISBN: 9781009587662
ISBN 10: 1009587668
Series: Elements in Reinventing Capitalism
Pages: 96
Publication Date: 28 November 2024
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

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.