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Democratic VistasReflections on the Life of American Democracy$
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Jedediah Purdy, Anthony Kronman, and Cynthia Farrar

Print publication date: 2004

Print ISBN-13: 9780300102567

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300102567.001.0001

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PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 16 May 2022

Democracy and the Market

Democracy and the Market

(p.154) 8 Democracy and the Market
Democratic Vistas

Richard C. Levin

Yale University Press

This chapter first characterizes the essential properties of the market economy. It then comments on how the market economy both supports and undermines in part the central values of a democratic society. Finally, it describes how collective action through democratic government can, in principle, temper the antidemocratic consequences of market forces. It argues that, in practice, political intervention in the market often promotes one democratic value, typically equality, over both economic efficiency and another democratic value, individual freedom. It concludes by suggesting how public intervention in markets might be structured to achieve greater equality of opportunity or outcomes at minimal sacrifice of economic efficiency or freedom.

Keywords:   market economy, democratic society, collective action, democratic government, political intervention, equality

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