David M. Russell

Capitalism vs Democracy

In Commentary on June 29, 2009 at 5:42 am

The relationship between capitalism and democracy is the central issue of our time, demonstrated by the current Global Financial Crisis. Both are systems notionally offering freedom. But do they? Which should have primacy and which should be subordinate?  Unquestionably democracy should prevail.  If  ‘the market’ (capitalism) is unregulated we are entirely at the mercy of something over which we have no control. It goes against the very notion of civilisation: that is, that we are sufficiently sophisticated to devise regulatory systems. But the notion of regulatory systems goes against the grain of unfettered freedom, doesn’t it? Aha! True freedom is not unfettered freedom. It never can be. That would be a reversion to neanderthal times.

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