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Full Description
In Can Capitalism and Democracy Be Reconciled?, Sidney M. Milkis and Scott C. Miller have gathered a truly eminent cast of contributors to provide a multidisciplinary examination at the intersection of capitalist economies and democratic political systems across time and space. Featuring twenty-four essays from scholars across nine different academic fields, the volume interrogates the ideas, history, and policy behind these two pillars of liberal society.
The volume begins with an introduction that explores the vibrant historical debate over whether democracy and capitalism can and should coexist in America. The contributors, further examining the United States and comparable countries, conclude that democracy and capitalism can be reconciled; at the same time, many recognize that the relationship is fragile and urge systemic changes that might sustain democratic capitalism in the future. The core thematic sections begin with an examination of the foundational yet fluid meaning of democracy and capitalism and consider the inherent tensions in reconciling them. The remaining sections address the underlying causes of, and solutions to, five modern "pathologies" of democratic capitalism: 1) Environmental Degradation; 2) Governance and Consolidation of Private Power; 3) Inequality and Opportunity; 4) Polarization; and 5) Frictions at the Intersection of Popular Will and Sound Policy. By examining these pathologies from many disciplinary and temporal angles, this volume provides a rounded understanding of why these pathologies arose, how they have influenced society, and how free people can reform their political economy to bring it more in line with their values.
Contents
Sidney M. Milkis and Scott C. Miller: Introduction
SECTION I The Nature of Democratic Capitalism
Isabel Sawhill: Capitalism and Democracy: Will They Survive?
1: Vincent Geloso and Alex Tabarrok: Two Peas in a Pod: Democracy and Capitalism
2: Didi Kuo: Political Parties and Democratic Capitalism
3: Carles Boix: The Varying Fortunes of Democratic Capitalism
SECTION II Environmental Degradation
Michael James Lenox: Democratic Capitalism, Industrial Policy, and the Challenge of Climate Change
4: Barry G. Rabe: Can Democratic Capitalism Protect the Climate?
5: Shi-Ling Hsu: Recruiting Capitalism for Environmental Protection
SECTION III Governance and Consolidation of Private Power
Kenneth G. Elzinga: Can Democracy and Capitalism be Reconciled?
6: Laura Phillips-Sawyer: The Problem of Market Power in Postwar America: Antitrust Law, Regulatory Discourse, and Changing Ideas of Market Power
7: Naomi Lamoreaux and John Joseph Wallis: Democracy, Capitalism, and Equality: The Importance of Impersonal Rules
SECTION IV Inequality and Opportunity
Christine Mahoney: Can Capitalism Save Itself?: Capitalism's Looming Threats to Democracy and Practical Strategies to Step Back from the Brink
8: Joel Mokyr: Diversity, Pluralism and Tolerance: The Roots of Economic Prosperity?
9: Deondra Rose: For-profit Colleges and the Tension between Capitalism and American Democracy
10: Danielle Allen: The Fourth Subsidiary Ideal: Empowering Economies
SECTION V Polarization
Robert C. Lieberman: In Polanyi's Shadow: Race, Capitalism, and Democracy in Our Time
11: Jacob S. Hacker and Paul Pierson: From Leader to Laggard? American Democratic Capitalism in the Knowledge Economy
12: Trevor E. Brown and Suzanne Mettler: How the Transformation of the American Political Economy Spurred a Rural-Urban Political Divide
13: William A. Galston: Capitalism, Democracy, and the Rise of the New Right: A Shifting Landscape
SECTION VI Frictions at the Intersection of Democracy and Capitalism: Popular will And "Sound Policy"
Jennifer Bair: Institutions as Interstices: Frictions at the Intersection of Democracy and Capitalism
14: Dan Bogart and Kara Dimitruk: Representative Government and Mercantilism in England
15: Hannah Knox Tucker and R. Daniel Wadhwani: Freedom's Frictions: Entrepreneurial Imaginaries in the Making of American Capitalism and Democracy
16: Robert F. Bruner: Financial Crises and the Coexistence of Democracy and Capitalism: The Case of the Panic of 1907
James A. Morone: Conclusion: Can Democracy and Capitalism be Reconciled? Ten Conclusions in the Search for a Just Society
