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TOPIC: CAPITALIST DEMOCRACY.
CONTENT: MEANING OF CAPITALIST DEMOCRACY AND ITS CHARACTERISTICS.
Democracy has earlier been defined as the government of the people by the people and for the people.
Broadly speaking, two types of democracy can be identified in the world namely: Western democracy and Eastern democracy.
These two democratic practices fit into the two major economic systems in the world namely: (i) Socialism and Capitalism
Socialism and its brand of democracy is practiced in China, Cuba, Russia, Dominican Republic and other countries in Europe. Under this form of democracy, it is the government that own means of production and runs a one-party system. Individual ownership of means of production is prohibited by the state.
Capitalism and its model of democracy is practiced in Western Europe by Great Britain, United States of America, Japan, Germany and over two third of the countries of the world including Nigeria.
Under capitalism, individuals are allowed to own wealth, means of production, distribution and property and market forces of demand and supply determine the price of goods and services. This capitalist ideology is called capitalist democracy.
Capitalism Democracy
Capitalism Democracy is therefore a form of government in which powers of government flow from the citizens to the political leaders and the running of the government is based on the consent of the electorate.
It could equally be seen as a political and economic practice where means of production, distribution and acquisition of wealth and productive forces are controlled by the well-to-do individuals.
In this type of democracy individuals are fully permitted to contest and own means of production. The economy is based on the principle of free enterprise of the people, for the people and by the people. This is to say that the people are allowed the freedom to choose the type of government and governance they prefer. There is no state party and the economic and political freedom of the citizenry is guaranteed. From the foregoing, capitalist democracy can be defined as a form of government organized in accordance with the principles of popular sovereignty, political equality, popular consultation and majority rule.
Characteristics of Capitalist Democracy.
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