Unregulated Capitalism Undermines the Legitimacy of Liberal Democracy E

IntroductionIn a capitalistic system, businesses compete with one another to produce the nigh innovative mathematical product at the most competitive prices in turn, consumers freely select the most desirable products. According to Adam Smith, this competition, when leftover unregulated, fosters maximum wealth and the leafy vegetable good (Economist 2-3). Indeed, unmanaged competition may ensure prices be affordable for consumers (2). However, in a international free grocery that exploits cheap labour market demand dwindles, resulting in excessive credit lending and debt crises (Li 295-6). In this way, capitalist economys efficiency and promotion of the common good is questionable. Since the resurgence of unregulated capitalism in the late 20th century, social inequalities have adult significantly, with one percent of the most powerful countries attaining more wealth than one-half the world (Dunklin 2). Canadas income gap has also risen, exacerbating morbidity and death rate (Bryant 47). However, the extent that government should reduce social inequities is controversial in a liberal democracy, which prioritizes economical freedom. That being said, social inequalities may lead to wealthier individuals gaining an prefer in policy making (Bryant 54 Rein 63), undermining the liberal classless value of political comparison. Moreover, the ideal of economic freedom is shrinking in todays global economy, which exhibits massive enterprises stifling competition and creating economic instability (Foster 2). In light of these issues, the aim of this essay is to detail how unregulated capitalism detracts from a liberal democracy by undermining political equality and economic freedom. Ideals of a Liberal Democracy The values of freedom and equality, which are pr... ...21-134. Retrieved from Academic Search Complete.Raphael, D., Curry-Stevens, A., & Bryant, T. (2008). Barriers to addressing the social determinants of health Insights from the Canadian e xperience. Health Policy, 88, 222-235. inside 10.1016/j.healthpol.2008.03.015.Reich, R. (2007). How capitalism is killing democracy. Foreign Policy, Sep/Oct2007, 38-42. Retrieved from Academic Search Complete.Rein, S. (2009). al-Qaida politics. In J. Brodie & S. Rein (Eds.), Critical concepts An introduction to politics (4th ed.) (pp. 60-71). Toronto, Ontario Pearson Education Canada.Shahrokhi, M. (2011). The global financial crises of 2007-2010 and the future of capitalism. Global Finance Journal, 22, 193-210. doi 10.1016/j.gfj.2011.10.010.Workman, T. (2010). Renewing the left in Canada. Canadian Dimension, 44(3), 49-52. Retrieved from the Canadian Reference Centre.