Capitalism, Democracy, and Adam Smith

Authors

John Thrasher, Chapman UniversityFollow

Document Type

Article

Publication Date

2024

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.

Comments

This article was originally published in Journal of Contextual Economics in 2024. https://doi.org/10.3790/schm.2024.380525

Recommended Citation

Thrasher, J. 2024. "Capitalism, Democracy, and Adam Smith." Journal of Contextual Economics. https://doi.org/10.3790/schm.2024.380525

Peer Reviewed

1

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 License.