24 Questions
What is the primary challenge in defining economic equality?
Distinguishing it from political equality
What is the author's revised understanding of capitalism based on?
A reevaluation of the injustices of nineteenth-century capitalism
What is the prerequisite for the progressive political enfranchisement of the working classes?
Economic emancipation from slavery and serfdom
What does economic democracy aim to achieve?
The abolition of economic slavery and servitude
What is the core criticism of capitalism by social philosophers and reformers?
Injustices and inequities
What is the primary factor that enabled economic freedom in the pre-industrial past?
The possession of sufficient property to obtain subsistence
What is the distinct characteristic of the ideal of political democracy?
Rotating aristocracy of leaders
What is the primary concern of Marx, Engels, and their followers?
Advocating communism
What is the relationship between economic freedom and political freedom?
Economic freedom is a prerequisite for political freedom
What is the ultimate goal of economic democracy?
The enjoyment of the same economic status and opportunities by all men
What is the author's perspective on the injustices of nineteenth-century capitalism?
They are historic accidents
What is the primary role of government in a socialist economy?
To regulate the means of production
What is the implication of the author's revised understanding of capitalism?
Nineteenth-century capitalism is distinct from the ideal of capitalism
What is the primary difference between the ideal of capitalism and nineteenth-century capitalism?
Conformity to the idea of capitalism
What is a key characteristic of a capitalist economy?
The private ownership of the means of production
What is the primary goal of Marxist theory?
To create a classless society
What is the result of a completely socialized economy, according to Milovan Djilas?
A society with sharp class division between rulers and workers
What is the author's view on the compatibility of socialism with democracy?
Socialism is incompatible with democracy
What does the author believe is necessary for creating an economically free and classless society?
Capitalism perfected in its own principles
What is the consequence of vesting all capital property in the State?
The emergence of a new class of 'owners' - the bureaucrats
What is the author's initial view on the relationship between capitalism and democracy?
The author initially doubted that capitalism could create an economically free and classless society
What is the author's view on the role of government in the economy?
The government should have no role in the economy
Who is the author who influenced the author's thinking on capitalism and democracy?
Louis Kelso
What is the author's criticism of leading economists' views on the economy?
They believe that the progressive socialization of the economy is an advance towards the ideal of democratic society
Study Notes
Progressive Enfranchisement of Working Classes
- The enfranchisement of working classes is linked to their economic emancipation from slavery, serfdom, and dependence on employers.
Economic Democracy
- The economic counterpart of political democracy involves two key aspects: economic liberty and economic equality.
- Economic liberty means the abolition of economic slavery, servitude, or dependence.
- Economic equality implies the enjoyment of the same economic status and opportunities for all.
Historical Context
- In the past, economic freedom was associated with possessing sufficient property to obtain subsistence without resorting to toil.
- The few who enjoyed political freedom in oligarchical republics or feudal aristocracies were men of relatively independent means.
Challenges to Economic Democracy
- The question of what constitutes economic equality remains difficult to answer.
- Economic equality does not imply equality of possessions, just as political equality does not imply equality of functions.
Critique of Capitalism
- The author initially doubted that capitalism could establish economic democracy, citing criticisms from various thinkers, including Marx, Engels, and Popes Leo XIII and Pius XI.
- These criticisms targeted the injustices and inequities of 19th-century capitalism in England and the United States.
Reevaluation of Capitalism
- The author reevaluates their understanding of capitalism, distinguishing between 19th-century capitalism and the ideal of capitalism.
- The historic injustices of 19th-century capitalism may be accidents rather than inherent to the concept of capitalism.
Socialism and Totalitarianism
- Complete socialization of the economy can lead to a new class of "owners" – the bureaucrats – and create a sharply divided society, as noted by Milovan Djilas.
- Socialism, not capitalism, is essentially incompatible with democracy.
The Role of Louis Kelso
- The author's acquaintance with Louis Kelso's theory revealed that perfected capitalism, without socialism, can create an economically free and classless society, supporting political democracy.
This quiz explores the relationship between economic emancipation and political democracy, discussing the need for economic organization to support a politically free society.
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