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Capitalism and Democracy in the Postsocialist Transformation. Basic Concepts

Author

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  • Péter Gedeon

    (Department of Comparative Economics, Corvinus University of Budapest, Budapest)

Abstract

The collapse of one-party dictatorship and centrally planned economy based on state ownership opened up the pathways for the formation of different postsocialist systems. Among other variants in a certain number of postsocialist states, democratic capitalism could emerge. Recently the system of postsocialist capitalism has been going through the process of regression leading to a distorted and defective democracy and capitalism in some postsocialist countries. This essay reviews the literature on the relationship of democracy and capitalism in order to contribute to the creation of a theoretical framework for the analysis of the regression of postsocialist democratic capitalism. In the paper the argument is made that for the explanation of the regression of democratic capitalism, the structural analysis of postsocialist democratization and marketization should be supplemented with a theory that reflects on the role of political actors, the role of political parties, party competition in this process.

Suggested Citation

  • Péter Gedeon, 2017. "Capitalism and Democracy in the Postsocialist Transformation. Basic Concepts," Society and Economy, Akadémiai Kiadó, Hungary, vol. 39(3), pages 385-407, September.
    • Handle: RePEc:aka:soceco:v:39:y:2017:i:3:p:385-407
    Note: This paper is an extended version of the presentation given in the conference held on the occasion of Balázs Hámori’s 70th birthday by the Faculty of Economics, Department of Comparative & Institutional Economics of Corvinus University of Budapest.
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    More about this item

    Keywords

    capitalism; democracy; regression of democratic capitalism; defective democracy;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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