Does history confirm that capitalism is the only modern economic system compatible with democracy?

Joined Apr 2010
50,502 Posts | 11,794+
Awesome
Any economic system is compatible with democracy as long as the elected politicians can keep the population fooled. After all, that's what capitalism does.
 
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Joined Aug 2010
18,694 Posts | 3,383+
Welsh Marches
A mixed economy is the safest option for democracy. Whether you call this social democracy, socialism or just capitalism but with a lot of safeguards is up to you.

There needs to be a balance in power between a private and a public sector. An economy being completely public almost certainly results in authoritarian governments. But if private industry is too unregulated, elections and votes in chambers can be bought.

Extremes in either direction can also result in violent revolutions which cause the country to go in the other direction.

I very much agree with all of that, but one could go further and ask whether capitalism, as we know it in modern nations, is really a "system" at all, because markets are invariably controlled and regulated in all kinds of ways, we just have different types of mixed economies.
 
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Joined Dec 2013
5,148 Posts | 2,761+
US
I very much agree with all of that, but one could go further and ask whether capitalism, as we know it in modern nations, is really a "system" at all, because markets are invariably controlled and regulated in all kinds of ways, we just have different types of mixed economies.
There is no such thing as pure capitalistic system. We call such as a system dominated by free market and private investments.
 
Joined Jan 2021
4,992 Posts | 3,605+
Conch Republic. "WE Seceded where others failed"
Pulling the wool over the eyes of the general public by politicians is a part of any system. The advantage of democracy: one side always tries to expose another.
“Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule—and both commonly succeed, and are right.”
― H. L. Mencken, Minority Report
 
Joined Jul 2020
23,778 Posts | 9,439+
Culver City , Ca
“Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule—and both commonly succeed, and are right.”
― H. L. Mencken, Minority Report
To be fair though Mencken was a pro Nazi Anti Semite and his views of Afro Americans was not very enlightened although he did urge the editor of the Baltimore Sun to publish Afro American writers when said writers had limited access to white readers. A rather complex character.
Leftyhunter
 

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