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April 26, 2024

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Dark side of Democracy

by Nasir Farooq
In Western world, democracy is honored as sacred cow. However, professor at Columbia University (USA) and a Nobel laureate in economics, Joseph E. Stiglitz, has drawn a dismal picture of doomed democracy of 21st century.

In latest writing Democracy in the 21st century, he has shown high levels of economic inequality in democratic societies.
In this regard, he has referred Thomas Piketty’s book Capital in the Twenty-First Century in which subject has been discussed in detail.
Joseph E. Stiglitz writes, “High levels of economic inequality in countries like the US and, increasingly, those that have followed its economic model, lead to political inequality. In such a system, opportunities for economic advancement become unequal as well, reinforcing low levels of social mobility.”
Piketty’s book and Stiglitz’s analyses clearly warn that the future of democracy is doomed in a capitalist society. The gap between haves and haves not is increasing rapidly.
Indeed, in a democratic capital society, elections are investments; candidates are products; voters are customers. As a result, high level of inequalities is produced. At the end of the day, everything goes in the hands of investors. No US President becomes President without billion-dollar election campaign. Definitely, no candidate pays from personal pockets. Not every capital society is independently democratic. It is the corollary of ‘capitalism’.
Capitalism and democracy cannot walk together. Capitalism causes pain to the poor masses. On the contrary, democracy represents the rights of poor masses. How can capitalized democracy make majority happy? Countries like India and South Korea, following the capitalist model of US are suffering.
Western economics experts are right to note that democracy’s future is at stake.
Indeed, G-8, WTO, IMF, and WB are going to do nothing for the betterment of the world. In any form, capitalism is not at all in the interest of democracy.
Years back, Robert B. Reich, in Foreign Policy magazine feature How Capitalism is Killing Democracy had lamented thus, “Free markets were supposed to lead to free societies. Instead, today’s supercharged global economy is eroding the power of the people in democracies around the globe.”

Undoubtedly, Western Liberal Democracy needs human-welfare-oriented belief system to survive. No human made system can be completely regulated. Faithful approach to regularize financial sectors and wealth distribution around the world is ultimately needed. Democracy needs to disassociate with capitalism. Democracy needs a capitalism-free society.

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