Autocratic Capitalism: An Introduction
3 months ago
- #Authoritarianism
- #Democracy
- #Capitalism
- The belief that economic liberalization in China would lead to political democratization has not materialized, as the Chinese Communist Party remains in control.
- Examples of autocratic capitalist states include Taiwan, Hong Kong, South Korea, Singapore, Iran, Turkey, Venezuela, Russia, and Hungary.
- Scholar Michael A. Peters questions the natural alliance between capitalism and liberal democracy, suggesting their relationship is historically contingent.
- The breakdown of the post-Cold War order has seen a rise in authoritarianism and democratic backsliding, yet capitalism continues to thrive.
- Capitalism's tendency towards wealth concentration leads to outsized political power for the wealthy, undermining democratic institutions.
- All capitalism can be seen as state capitalism to some degree, with varying levels of state interaction and control.
- The future political economy raises questions about whether capitalism will empower democracy or entrench new forms of authoritarianism.