Political Economy And Democracy Essay

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American Capitalism and American Democracy have always gone hand in hand for the entire history of the United States since it's founding, and many say one cannot exist without the other. Many people today commonly associate Capitalism with Democracy when asked about the United States in general. But this statement is inherently flawed; capitalism is based on profits for the few while democracy is based on rights for many. So how can such a contradictory statement be good for the society as a whole? First we must dissect what both Capitalism and Democracy really mean in order to perform a noteworthy analysis.
The current economic system in place for the United States as many people know is
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Essentially, the private owners in charge determine the future of that company and everyone who works there. Today, with the majority of the globe running under these mighty corporations, a sense of classism amongst the populace evolves. According to Dale Weaver and Nicky Gonzalez Yuen in the article, "Divided We Fall: A Primer on Classism in America," "…classism robs people of ownership or control of the tools to make a living on their own, forcing them to work for the rich people who do own the means by which people might support themselves." Classism takes a large portion of the value of these people's work and the owning class reaps all the benefits. Because capitalism is inherently competitive, elimination of business competitors is usually one goal of thriving or developing company. While one way to do this is to create superior products at lower prices, many times a business will just buy out the other and eliminate the competition. This results in what is called a monopoly, where one business is the only one that can produce a certain good. This results in workers having no other choice but to work under this monopoly and is subject to its wages and benefits, or lack thereof, because there is no competition in that particular field. Once again, the owning class reaps the benefits and the working class is at a…