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Democratic capitalism and respect for the value of freedom

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  • Waheed Hussain

Abstract

Most theorists believe that when it comes to freedom, no economic system does better than laissez-faire capitalism – the system may have other problems, but as far as freedom is concerned, laissez-faire is as good as it gets. The goal of this paper is to show that this view is mistaken. I begin by criticising two important contemporary conceptions of freedom, the libertarian and the liberal egalitarian conceptions, both of which support the dominant view. I then develop a better alternative, one that I call the social democratic conception of freedom. Using this conception, I go on to show that an economic system that requires firms to have an internal structure that makes decision-making more transparent and responsive to the concerns of workers actually shows greater respect for freedom than laissez-faire capitalism does.

Suggested Citation

  • Waheed Hussain, 2006. "Democratic capitalism and respect for the value of freedom," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 2(3/4), pages 280-293.
    • Handle: RePEc:ids:ijbget:v:2:y:2006:i:3/4:p:280-293
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