Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/214568 
Year of Publication: 
2015
Series/Report no.: 
CREMA Working Paper No. 2015-03
Publisher: 
Center for Research in Economics, Management and the Arts (CREMA), Zürich
Abstract: 
Whether democracy or capitalism should have normative priority depends on the philosophi- cal point of view but also how both are defined. The more rele vant perspective is, however, the positive one. Formally, politics dominate, bu t the economy often dominates de facto be- cause political decisions against interests of powerful economic players might cause high so- cietal costs. Since the downfall of the Iron Wall capitalism spread out much more than democ- racy. Future development might strongly depend on the development of the new authoritarian market economies: Can high growth continue wh ile political rights are largely suppressed, or do they have to concede more and more to democratic rights in order to ensure further eco- nomic growth? One would like to see the latter one, but this is by no means sure.
Subjects: 
Capitalism
Democracy
Economic Development
Market Economy
JEL: 
H11
O10
Document Type: 
Working Paper

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