TS Issue 3 Capitalism and Democracy
Robert B. Reich and Anthony B. Kim
In this Taking Sides issue, the two authors debate whether capitalism undermines democracy. Capitalism is described as an economic system that (should) primarily benefit civilians. Pure capitalism is not exactly ideal, as it could lead to inequality in the amount of rich versus the amount of poor. If, however, states assert a modicum of control, they can keep monopolies at bay and implement social services to help bridge the inequality gap. Some believe political control over the economy should be minimal, while others believe in a Communistic ideal of total state control over the economy. Because of how well capitalism has served the US, many developing follows its blueprint. …show more content…
Reich’s “How Capitalism is Killing Democracy”. He explains that for many years now, capitalism and democracy have prospered and flourished together. However, Reich warns that now, democracy is no longer flourishing at the same rate as capitalism. For an example he uses China, who has adopted capitalism and experienced an economic boom because of it while still retaining a Communist regime. Reich believes that the negative impact of capitalism is making things difficult for democracies. He writes, “But though free markets have brought unprecedented prosperity to many, they have been accompanied by widening inequalities of income and wealth, heightened job insecurity, and environmental hazards such as global warming” (47). Reich argues that this is caused by obscuring the role of capitalism versus the role of democracy. He suggests clearly outlining the extent to which capitalism is able to control a population’s way of …show more content…
Essentially, large and influential corporations are overpowering the average citizen on the political playing field. Companies want more political influence so that they can do better than their competitors. They keep so much attentions on themselves that the typical citizen is completely forgotten. Also, instead of democracy reigning in the social influence companies have, democratic governments instead try to get companies to do the right thing. But as Reich explains, companies are just supposed to do their best for consumers. Democracy itself is supposed to look out the public good and social responsibility. Reich concludes that “the purpose of democracy is to accomplish ends we cannot achieve as individuals. But democracy cannot fulfills this role when companies use politics to advance or maintain their competitive standing, or when they appear to take on social responsibilities that they have no capacity or authority to fulfill” (50). Democratic citizens should, in his opinion, speak up and reduce the cost of capitalism on
Robert B. Reich and Anthony B. Kim
In this Taking Sides issue, the two authors debate whether capitalism undermines democracy. Capitalism is described as an economic system that (should) primarily benefit civilians. Pure capitalism is not exactly ideal, as it could lead to inequality in the amount of rich versus the amount of poor. If, however, states assert a modicum of control, they can keep monopolies at bay and implement social services to help bridge the inequality gap. Some believe political control over the economy should be minimal, while others believe in a Communistic ideal of total state control over the economy. Because of how well capitalism has served the US, many developing follows its blueprint. …show more content…
Reich’s “How Capitalism is Killing Democracy”. He explains that for many years now, capitalism and democracy have prospered and flourished together. However, Reich warns that now, democracy is no longer flourishing at the same rate as capitalism. For an example he uses China, who has adopted capitalism and experienced an economic boom because of it while still retaining a Communist regime. Reich believes that the negative impact of capitalism is making things difficult for democracies. He writes, “But though free markets have brought unprecedented prosperity to many, they have been accompanied by widening inequalities of income and wealth, heightened job insecurity, and environmental hazards such as global warming” (47). Reich argues that this is caused by obscuring the role of capitalism versus the role of democracy. He suggests clearly outlining the extent to which capitalism is able to control a population’s way of …show more content…
Essentially, large and influential corporations are overpowering the average citizen on the political playing field. Companies want more political influence so that they can do better than their competitors. They keep so much attentions on themselves that the typical citizen is completely forgotten. Also, instead of democracy reigning in the social influence companies have, democratic governments instead try to get companies to do the right thing. But as Reich explains, companies are just supposed to do their best for consumers. Democracy itself is supposed to look out the public good and social responsibility. Reich concludes that “the purpose of democracy is to accomplish ends we cannot achieve as individuals. But democracy cannot fulfills this role when companies use politics to advance or maintain their competitive standing, or when they appear to take on social responsibilities that they have no capacity or authority to fulfill” (50). Democratic citizens should, in his opinion, speak up and reduce the cost of capitalism on