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Functional linkage between democracy and market in capitalist systems
Author(s) -
Pil Rhee Yong
Publication year - 1997
Publication title -
systems research and behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 1092-7026
DOI - 10.1002/(sici)1099-1743(199711/12)14:6<385::aid-sres132>3.0.co;2-j
Subject(s) - capitalism , democracy , economics , economic democracy , market economy , economic system , linkage (software) , neoclassical economics , political science , law , biochemistry , chemistry , politics , gene
Modern democracy has existed only in countries with economic systems in which production and distribution are mainly carried on by privately owned enterprises that are strongly oriented toward markets. Though not all capitalist countries are or have been democratic, all democratic countries have had capitalist economies. It is assumed that the degree to which the economy is market oriented mediates the relationship between capitalism and democracy. In this sense I assume that the relationship between capitalism and democracy has been mediated by the strength of markets in the successful developing countries. In this paper it can be assumed that there are complex feedback loops between market and democracy in capitalist systems. © 1997 John Wiley & Sons, Ltd.