Capitalism and Democracy

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In recent years, the ideological clash between advocates of free markets and minimal government and supporters of greater democratic equality and welfare has intensified. Understanding the divergent beliefs that fuel this debate is essential for grasping contemporary American politics and policy. Thomas A. Spragens, Jr. explores the free market versus welfare state debate through political economy, moral philosophy, and political theory. He poses critical questions: Do unchecked markets maximize prosperity, or do they lead to wasteful outcomes? Are market distributions morally acceptable, or is some form of redistribution necessary? Is a society with free markets and minimal government ideal, or does it face significant issues? Through thought experiments comparing the beliefs of both sides, Spragens illustrates that definitive answers are elusive. However, he argues that some perspectives are more compelling than others. He concludes that a vigorous free marketplace offers substantial benefits to a democratic society, economically and politically, but also necessitates regulation and collective action to maximize prosperity, address human unfairness, and uphold democratic ideals. This engaging book will attract students, scholars of political economy, democratic theory, and social justice, as well as general readers seeking clarity on the role of government in the economy.