Capitalism supports Democracy
...merce and small-scale industry of early capitalism, to the exploitive entrepreneurs and exploited laboring classes of the second half of the nineteenth century. It is also important to note that democracy was historically supportive of capitalism. The most important facts to retain is that modern democratic institutions have existed only in capitalist countries and on the other hand, socialist countries have been ruled by authoritarian dictatorships. To summarize this, it could be said that capitalism is essential for democracy but not vice-versa. Capitalism subverts democracy: Another argument is that capitalism subverts democracy. John Mill views the existing systems of private property as unjust. He takes a stand between capitalists and socialists. He wanted a less competitive society, ultimately socialist, which would still respect individuality. He advocated on the improvement of the property system so that everyone shared in its benefits, the limitation of population growth, and the improvement of the quality of labor force through the provision of high quality education for all by the state. Marxists for instance, argue that there could not be democracy in the capitalist society. Schumpeter rejects this notion and says that full democracy is the sense of the informed participation of all adults in the selection of political leaders. Democracy subverts capitalism: Now if we look at the other way that suggests that democracy is said to affect capitalism. Adam Smith, stresses...