First let me state that there is NO mention of "capitalism" in our constitution. Matter of fact, our current form of capitalism may actually be in direct opposition and violation of it!
The definition of "capitalism" from Merriam Websters online:
"an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market".
Some of the definitions of "Democracy" from Merriam Websters online:
"a government by the people; especially: rule of the majority
"a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections".
"the common people especially when constituting the source of political authority"
" the absence of hereditary or arbitrary class distinctions or privileges"
Now lets take the two and get an explanation from Wikipedia:
"Democratic Capitalism": " also known as capitalist democracy, is a political,economic, and social system and ideology based on a tripartite arrangement of a market based economy based predominately on a democratic polity, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism"
This economic system supports a capitalist free market economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to authoritarian capitalism by limiting the influence of special interest groups, including corporate lobbyists, on politics".
"The Unites States is often seen as having a democratic capitalism as it's political-economic system although some argue it has become more authoritarian in recent decades".
Although capitalism worked well for our country for decades, I believe this "shift" from democratic to authoritarian is EXACTLY whats wrong with our current economic system. I tend to use the word "elitist", but "authoritarian" will do just fine and they do seem synonymous! Let's also throw in "trickle down economics" for grins.
I just wanted to clear that up. So next time you hear our current politicians talking about "capitalism and democracy", ask if they are referring to "democratic capitalism" or "authoritarian capitalism". I think most of us in the already know the answer!
More in the book "American Me?" www.americanmeus.com
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