Revolutionary Reasons
Question: Can capitalism exist in a democratic society?
By definition, capitalism is an economic system that is ruled by private owners. The private owners control the economy of the country by controlling the free market and waged labour. In an ideal democratic society, the government is in charge of the economic system. The government controls all public amenities to serve all members of the public equally. Therefore, it is rare for capitalism and democracy to coexist. However, it is essential to note that democracy is compatible with mild capitalism. Whereas the government controls all public amenities, private owners control their business under regulations set by the government. Therefore, private owners are required to pay tax to the government. In turn, the tax is used to maintain and upgrade public resources.
Comment
Modern capitalism has replaced old bourgeoisie. Capitalists in bygone days used slavery and cheap labour to produce commodities. Modern capitalists use laws and trade agreements to favour their enterprises. Major Private Owners enter political scenes to influence government policies that support their enterprises. Therefore, when such private owners are shielded under democracy, they continue to increase their wealth unnoticeably.
Connection
From the reading, it is clear that modern capitalism came to replace bourgeoisie. The present week module focuses on Marxism. The failure of Marxism in the contemporary society is due to the ambiguity of the Marxism concept. A more profound elaboration of Marxism would describe an effective structure of a revolutionary society, ridding society of greedy capitalists.