Capitalist Democracy

Topic: Capitalist Democracy

Content – Meaning of Democracy and Capitalism

                Characteristics of Capitalist Democracy

Democracy

The origin of democracy can be traced to the city state of ancient Greece. The term is derived from the Greek “demokratia”, demos means “the people” while krates mean “rule” and the emergence of both Greek words evolves democracy as the people rule or government.

Abraham Lincoln then defined democracy as the government of the people, by the people and for the people.

Democracy is the system of government which is attained from public opinion and is accountable to it. It is the governments which exists and adhere to the dictates of the people.

It is also a system of government in which people exercise their political power through periodic election of leaders.

Capitalism

Capitalism is an economic system which gives right to private individual ownership of means of production and therefore gives opportunities to private individuals to interfere into the affairs of the government.

Capitalism is an economic system in which trade, industry and the means of production are largely or entirely owned and operated for profit.

Capitalist

A capitalist is a person who has a lot of money, property etc. and who uses those things to get more money.

A capitalist is also a person who believes that capitalism is the best kind of economic system.

Capitalist democracy can therefore be defined as the system of government in which power emanates from the support of the majority.

Characteristics of Capitalist Democracy

Characteristics of Capitalist Democracy are as follows;

1. Respect for fundamental human rights: The right to personal life, freedom of speech, association etc. must be well catered for in order for capitalist democracy to exist.
2. Right of the minority groups: The right of the minority group must be considered and respected in the society.
3. Political parties: Without the existence of political parties where members who will manage the affairs of government can be elected by the electorates. There will be no capitalist democracy.
4. Equality before the law: In a capitalist economy, nobody should be above the law both the leaders and the follower must remain equal before the law.
5. Non- intimidators of voters during election: Election should be free and fair; the voters should not be intimidated or be forced to vote to a particular party, as this may discourage them from voting.
6. Periodic election: In a capitalist democracy there should be periodic election as this will help to change government for a given period of e.g. election are usually conducted every four years for a change of government.
7. Existence of opposition party: In order for capitalist democracy to exist in favor of all; there must be opposition, the opposition parties that will use their actions and criticism to compel the ruling party to work effectively.
8. Transparency: The leaders and all arms of government and the electorate as well, are to ensure transparency in the issues concerning the state for the smooth running of a capitalist democracy.
9. Public opinion: The public must be aware or be informed about the government plans so that they can contribute their own idea before final decision can be made.
10. Freedom of the press: This is a situation whereby the mass media organizations like radio, television, newspaper and magazines houses are given are given freedom to report issues on the affairs of the state.

Test and Exercise

1. The characteristics of equality before the law means that (a) the law is above only the electorates (b) the law is above only the leaders (c) the law is above everyone (d) everyone is above the law. ans (c)
2. Election is conducted in Nigeria in every (a) 10 yrs (b) 5 yrs (c) 7 yrs (d) 4 yrs. ans (d)
3. One of the major political parties in Nigeria is (a) NNDP (b) PDP (c) LP (d) AG. ans (b)
4. Opposition party will give room for the ruling party to (a) step back (b) be discourage (c) to work effectively (d) to be ineffective. ans (c)
5. All of these are characteristics of capitalist democracy except (a) respect for human right (b) respect for minority (c) freedom of the press (d) rulership by force. ans (d)