In the Western world, democracy is honoured and sacred. However, Joseph E. Stiglitz, an American economist, professor at Columbia University and a recipient of the Nobel Memorial Prize in Economic Sciences has drawn a dismal picture of doomed democracy of the 21st century. In his latest article ‘Democracy in the 21st century’ published on September 5 in the Views section of Gulf News, he expressed a high level of economic inequality in democratic societies.
He referred to Thomas Piketty’s book ‘Capital in the Twenty-First Century’ as, “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 becomes unequal as well, reinforcing low levels of social mobility.”
Piketty’s book and Stiglitz’s analysis clearly warns that the future of democracy is doomed in a capitalist society. The gap between ‘have’ and ‘have nots’ is increasing rapidly.
Indeed, in a democratic capital society, elections are investments, candidates are products and voters are customers. As a result, high level of inequalities are produced.
At the end of the day, everything goes in the hands of the investors. No US President becomes President without a billion dollar election campaign and most certainly do they not pay from their personal pockets.
Not every capital society is independently democratic. It is the corollary of ‘capitalism’. Capitalism and democracy cannot walk together as it causes pain to the poor masses. On the contrary, democracy represents the rights of poor masses. How can capitalised democracy make the majority happy? Countries like India and South Korea, that are following the capitalist model of the US, are suffering.
Western economic experts are right to note that the future of democracy is at stake. In any form, capitalism is not at all in the interest of democracy.
Undoubtedly, any Western liberal democracy needs a human welfare oriented belief system in order to survive. Therefore, a faithful approach to regularise financial sectors and wealth distribution around the world is ultimately needed. Democracy needs to disassociate with capitalism.
-The reader is based in Karachi, Pakistan.
