Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324930 
Authors: 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Contextual Economics – Schmollers Jahrbuch [ISSN:] 2568-762X [Volume:] 143 [Issue:] 1/4 [Year:] 2023 [Pages:] 157-172
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
How can we better understand the relationship between capitalism and democracy today? This article challenges the prevailing "independence thesis" that views capitalism and democracy as separate and often antagonistic systems. By revisiting Adam Smith's integrationist approach to political economy, I argue for a more nuanced understanding of the symbiotic relationship between political and economic orders. The article critically examines common responses to the independence thesis - insulation and implementation strategies - and proposes an alternative framework based on Smith's integrated political economy. This Smithian perspective not only offers a more accurate description of the interdependence between capitalism and democracy but also provides a robust foundation for addressing contemporary challenges in political economy.
Subjects: 
Capitalism
Democracy
Adam Smith
Liberalism
Political Economy
JEL: 
B12
K10
P10
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.