Democracy and capitalism Research Paper Example | Topics and Well Written Essays - 1500 words

Democracy and capitalism - Research Paper ExampleMore importantly, it was argued, this entrepreneurial class would enforce democratic structures in the localities in which they operated. In former(a) words, by producing economic riches and an entrepreneurial class, capitalism inevitably produces democracy. And since democracies dont start wars or have expansionist proclivities--forget, for the moment, Theodore Roosevelt and imperialist Britain--capitalist-democratic maturation contributes to certification and to world peace. (Foulkes, 2006, p.22) There is evidence from recent political history to support this benign linkage of capitalism and democracy. For example, Entrepreneurial capitalism became more(prenominal) dominant in the America of Ronald Reagan than it had been before, and job growth and record-breaking prosperity followed. In Britain, Margaret Thatcher reversed almost four decades of socialism and changed her country from the sick man of Europe into bingle position ed for long-term, non-inflationary growth. Meanwhile, the Soviet economy was shown to be like the Wizard of Oz--an imposing facade, but impotent and powerless at its core. Put these events together and you have an unassailable proof that capitalism produces a level of economic welfare that a planned economy simply cannot emulate. (Stelzer, 1994, p.32) And, when we scan the performance of capitalist regimes in other move of the world, the links between capitalism, prosperity and democracy becomes incontestable. After all, in recent times, capitalism in countries such as Chile, Taiwan and South Korea have resulted in both economic progress as rise up as democracy establishment. In the newly remodeled Russian political system too, we see the formation of glasnost (democratization) and perestroika (economic restructuring) march hand in hand. (Friedman, 2007, p.46) Nothing exemplifies the successes of capitalism than the recent developments in India and China. By participating in fi scal globalization, countries with abundance of cheap labour such as India and China are primed to assume leadership position in another 10-15 years. While Mao Zedong was the father of the Communist China, his successor Deng Xiaoping must be credited for the nations progress toward prosperity. It was under his leadership that the party ratified and implemented the four-spot Modernizations program that would propel China onto the global stage, where it is fast approaching leadership position. This ambitious program of wholesale economic reforms opened China to the outside world in more than strictly economic sense. In the case of India, its huge pool of skilled workers, who have the added advantage of proficiency in side of meat language, have been the engine of economic growth. The re-election of Manmohan Singh as the Prime Minister is also a positive development from an economic perspective, for it was he who initiated India as a participant in globalization in 1991. China, on t he other hand, started participating in the process of globalization much before India did. As a result, its economy is more than twice that of India and is catching up fast with that of the United States and Japan. Some of the South American countries such as Venezuela and Russia (rich in oil resources) and Brazil (rich in natural resources) also pose a threat to American domination of global economy. In fact, American media believes that the threat