Do the Democrats Really Believe in Democratic Capitalism? By Ron Lipsman

By democratic capitalism I mean the socioeconomic system described vividly in Walter Russell Mead's penetrating new book, God and Gold: Britain, America and the Making of the Modern World. It is the system pioneered in some of the Italian City States nearly five hundred years ago, picked up in the Low Countries thereafter, but adopted and developed with the greatest success by Great Britain and the United States over the last three hundred years. It has many attributes, but for the purposes of this article, let us define it as a society in which the economy is characterized by free markets, private ownership of property and means of production, and respect for the profit motive and the pricing mechanism, all operating under the rule of law guaranteed by a government that intervenes very little in the economic and social life of the people. The people are completely free to decide what to produce, what to charge, where to sell it, and to whom. Contracts are freely entered into and their legal sanctity is enforced by the government. Such an economy can exist only in a democratic society, that is, one in which the people are free to choose their political leaders and means of organization. The overarching structure could be a republic (like the US), a constitutional monarchy (like the UK), or a pure parliamentary democracy (like Estonia), but democracy is a sine qua non.

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