SSV member, Margie Swanson, introduced the panel for today’s discussion on “Can Capitalism and Democracy Co-Exist?” Professor Sid Milkis, UVA Department of Politics, moderated: Margaret Riley Darden, Professor of Law, Public Health Science and Public Policy at the Batten School of Leadership; Scott Miller, Assistant Professor of Business Administration at Darden Business School; and Michael Lenox, Professor of Business Administration at Darden School of Business.
The question: Can the Rule of Law (Democracy) and Resources (Capitalism) Co-Exist? Several pathologies get in the way: economic inequality, monopoly power, alienated voters, global trade and partisan politics. Eugene Debs (American socialist and labor leader), Bernie Sanders (US Senator, longest serving independent member of US Congress), and Marc Andreesen (The Techno-Capitalist Manifesto) are referenced as viewpoints on profit and democracy. For more info, visit: Eugene V. Debs | Biography & Facts | Britannica; About Bernie » Senator Bernie Sanders; and The Techno-Optimist Manifesto | Andreessen Horowitz.
Professor Lenox says, Yes, democracy and capitalism can co-exist…if we are watching against democracy moving to autocracy AND that capitalists don’t undermine the state (government). In Russia, state controls most of the economy. In China, capitalists are too powerful. Both challenge/damage capitalism.
Professor Miller, a historian, notes that Americans have never agreed on the relationship between capitalism and democracy. The logic of the market is not the logic of the family or society. Henry George was viewed as dangerous by both the political right and political left. Henry George | Biography, Single Tax, & Progress and Poverty | Britannica Money. Our current issues are not different from the past, he notes. Tho, the “haves and have nots” gap is increasing and polarization is the worst since Civil War times.
Professor Darden notes that the late 19th century and beginning of the 1900’s also saw these issues in America. The definitions of capitalism and democracy are a key.
Biggest challenges? Technology and technological inequality. Education haves and have nots. Identity and belonging. Lack of mobility up and down the scale…..can people of wealth still “fall down.” Alexander Hamilton and Teddy Roosevelt impacts on capitalism and democracy were noted. For more info, visit: The Grand Strategy of Alexander Hamilton – AHS; and Capitalism and Labor – Theodore Roosevelt Center.
Are self-government and capitalism compatible? Yes, says Professor Miller. With checks and balances on democracy to avoid mob rule. AND an active and competent citizenry. Founders chose a democratic republic. Since WWII, profound lack of trust in government institutions, notes Professor Darden. Oligarchy and communications are too closely aligned. And youth unemployment leads to revolution. She believes Americans are willing to accept a solution that is more dramatic than usual. Another issue, says Professor Miller, hyper individualism of the 2000’s. “Make yourself happy” origins from the 1980’s.
Can we learn from others? Denmark trains workforce for changes in economy. Universal vouchers? What do we owe to each other? IF you answer “nothing,” you operate outside the American tradition. How do we return to…..who we are are/who we want to be? Collective purpose, how do we return to this? Everyone is a valued member of society. Shared values. Reasons to vote. People feel left behind…how to change? Rural areas….in history, electrification gave everyone a level playing field. Would internet access across the country do this for today’s Americans?
