The political history of the world can be described as a narrative of political events, ideas and movements that bring about a drastic shift in world systems. From bartering trade system to today's capitalistic system, everything has over the course of centuries evolved through the cognitive evolution of mankind. Before conferring about coexistence between capitalism and democracy we must have a vivid idea about both systems since they are drastically different from one another.
A democratic system deals with equality; where people are recognised in an equal manner of their 'rights and dignity'. On the other hand, capitalism is devoid of any form of equality. Instead it focuses on the idea of profit maximisation, which can only be achieved through the exploitation of those that are vulnerable and in need. Furthermore, in a democratic system people make the laws and practices of their land together as equal citizens. But under capitalism, capitalists make laws and policies by using their money and power. According to a recent survey conducted in 27 countries, 51% of the people are dissatisfied with how democracy is working. Many experts have voiced their opinions against a demo-capitalistic approach while some go as far as to say that they don’t acknowledge its coexistence.
Capitalism is the right way to organise an economy but proves to be counterproductive when organising a society; And while market do a good job of allocating resources, fostering dynamism and preserving individual choice, they cannot solve the ills of society.
Shahjahan Baloch
Ahmedpur
Published in The Express Tribune, July 5, 2020.
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