Martin Wolf on the Crisis of Democratic Capitalism
The Good Fight
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The Importance of Democracy and Capitalism
If capitalism operates without democracy, it is almost inevitable that it will become a plutocratic or oligarchic form of capitalism. The natural tendency of an oligarchy controlling the political process is to preserve its own wealth by eroding competition. If you get tried to have a socialist economy in which the government controls everything, then it's almost impossible to have genuine democratic competition. So I think you need both together and they both need each other for a fully functioning system.
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