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Navigating Capitalism and Democracy: Insights into Economic Freedom and Political Participation

Explore the intricate relationship between capitalism and democracy, from laissez-faire principles to democratic left ideologies. Uncover the impact of institutions, corporations, and behavioral assumptions on societal dynamics. Delve into the complexities of economic and political systems, shedding light on concepts such as consumer sovereignty, democratization of enterprises, and the power dynamics within political institutions. Gain a comprehensive understanding of how economic liberty intersects with democratic ideals, highlighting the challenges and opportunities in contemporary society.

Gabriel
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Navigating Capitalism and Democracy: Insights into Economic Freedom and Political Participation

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  1. TOOLBOX for CAPITALISM AND DEMOCRACY • PART I: Laissez-Faire • Many sellers, many buyers • Bilateral, voluntary exchange • Invisible Hand (competition) • Economic liberty protects political liberty • Big Government is a threat to Liberty • Government as Umpire • Indivisibility of Decisions by the State • Externality: Burden of Proof on the State • Homo economicus • “Revealed Preferences” • Caveat Emptor • Capture Theory • Perversity Thesis • Rewards should reflect productivity • Cash benefits, vouchers preferred • PART II: Liberalism • Transgression of dollars on rights • Exchanges born of desperation • “Fuzzy right to survival” • Equality vs. Efficiency? • Pressure Effects • Match Effects • Mixed Economy • Second Best Markets • The THREE Efficiencies: Smithian, Keynesian, & Schumpterarian • Homo sociologicus • Consumer Sovereignty vs. Market Circularity • Bounded Rationality • Boundary Violations, Blocked exchanges, “Embeddedness” • Power, Information Asymmetries • Regulated Competition, Incentive Regulation • Irreversibilities • Exit vs. Voice • PART III: Democratic Left • Political Equality vs. Economic Liberty • Clash b/w Democratic and Property Rights • Economic Power  Political Power • Self-regulating Egalitarian Order vs. Corporate Capitalism • Circularity in Politics • “The Economy produces people” • Homo republicanus • “Privileged Position of Business” • Self-Governing Enterprises (Ownership, Control, Community) • Economic Democracy • Democracy trumps Guardianship • Principle of Affected Interests • Strong Democracy preferred to Thin • “Free Spaces” (Citizen’s Politics) THE POWER OF INSTITUTIONS • Part IV: Political Institutions • Quis Custodet? (“Who watches the watchers?”) • Pluralism (No one rules) • Public Choice Theory (Politics is [Necessary BUT] Futile) • Ruling Class, Investment Theory (The Rich/Political Investors Rule) • Part V: Corporations • Obedience to Authority; the Power of Context (Milgram) • Corporate Chartering • Corporate Personhood • Tyranny of the Bottom Line • Free Riding, Bailouts, Subsidies • Global Reach of Corporations • Part VI: Behavioral Assump.s • Maximizing vs. Satisficing • Prospect Theory; Framing; Anchoring; Endowment Effects • Availability heuristic • Adaptability, Hedonic Treadmill • Status Seeking (Frog Pond) • Anomie (Double edged sword of constraints)

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