The Fading Light of Democratic Capitalism

<p><span style=background-color: rgba(255 255 255 1); color: rgba(51 51 51 1)>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.</span></p>