Democratic capitalism, referred to as market democracy, is a political and economic system.
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12 Facts About Democratic capitalism
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Democratic capitalism was implemented widely in the 20th century, particularly in Europe and the Western world after the Second World War.
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The implementation of democratic capitalism typically involves the enactment of policies expanding the welfare state, strengthening the collective bargaining rights of employees, or strengthening competition laws.
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Democratic capitalism is a type of political and economic system characterised by resource allocation according to both marginal productivity and social need, as determined by decisions reached through democratic politics.
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Novak comments that Democratic capitalism is a necessary, but not a sufficient condition of democracy.
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Democratic capitalism proposes that the prominence of democratic capitalism in a society is strongly determined by the religious concepts which drive its customs, institutions, and leaders.
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Development of democratic capitalism was influenced by several historical factors, including the rapid economic growth following World War One, the Great Depression, and the political and economic ramifications of World War Two.
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Democratic capitalism was first widely implemented after the Second World War in the Western world, particularly in North America and Western Europe.
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Many voters doubted the ability of free market Democratic capitalism to provide consistent peace, security and opportunity, and sought improved living standards, aged care, and educational opportunities for youth.
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Post-war implementation of democratic capitalism saw the expansion of welfare states and the free collective bargaining rights of employees, alongside market policies designed to ensure full employment.
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Robust competitiveness and sustainable entrepreneurship which define democratic capitalism are characterised by top-down policies and bottom-up initiatives implemented by democratic governments.
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The communitarian system of democratic capitalism described promotes respect for individual rights and basic workers' rights, a virtuous community, and a limited role for the state and the market.
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