Democracy and the Market System
Democracy and the Market System
The aim of this chapter is to explore the degree to which democrats should rely on the market for matters of economic allocation and to what extent we need to look to alternative institutions to achieve our goals. Two main arguments are advanced. The first is that a democratic economy requires a regulated market system. Neoliberal market systems are far from the democratic ideal; social democratic market systems are closer, but they still come up against strong limits in the form of inherent market failures which prevent real democracy from being possible in such an economy. The second argument is that the market is not a natural or unitary thing—it can be shaped in fundamentally different ways, and in particular it can be shaped in ways that help foster democratic businesses.
Keywords: economic democracy, market democracy, market system, social democracy, neoliberalism, consumer sovereignty, consumer democracy, market failures
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