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Capitalism (economic liberalism) is not compatible with democracy (political liberalism).
If economic liberalism prevails over political liberalism the result will be fascistic, in that the ownership class will not only rule but protect their rule by erecting a security state and total surveillance to nip dissent in the bud.
Thus incipient fascism is rising in the West along with corporate statism.
4 comments:
I wonder if this holds true in the US as well.
OT but very econ long form article about Polanyi: .
Polanyi, however, was more bitter about liberalism than Cole or Tawney. Whereas their socialism claimed to grow out of reform liberalism, Polanyi’s search for a new Christian unity repudiated it. By the late 1930s, he was convinced of the corrosive effects of the nineteenth-century system that had severed the economy from other spheres of life and submitted human needs to the market. The consequences, as he wrote to his brother Michael, were “murderous,” for the dominance of the market prepared the world for fascism.
Be careful for what you wish for. The internet brings extremists together, including "conservatives" of a nationalist flavor.
OT but very econ long form article about Polanyi:
Right.
Capitalism (economic liberalism) is not compatible with democracy (political liberalism).
If economic liberalism prevails over political liberalism the result will be fascistic, in that the ownership class will not only rule but protect their rule by erecting a security state and total surveillance to nip dissent in the bud.
Thus incipient fascism is rising in the West along with corporate statism.
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