Is Global Capitalism Compatible with Democracy? Inequality, Insecurity, and Interdependence

Abstract

Abstract Global capitalism seems to be placing democracy, especially liberal democracy, under considerable stress. Support for populism has surged, especially for extreme right parties with populist and authoritarian programs. Inequality, insecurity, and interdependence—all associated with globalization—have grown globally and appear to be key sources of stress. New technologies spread readily by globalization are also a force for destabilization. Do these international forces pose existential challenges to democracy? Liberal democracy rests on a foundation of political equality among citizens; it requires free and fair elections, competition among programmatic parties, political legitimacy from public support, and institutional constraints on executive power and majority rule. Is the rise global capitalism eroding all of these key elements? If so, what can be done about it?