Unregulated Capitalism Undermines the Legitimacy of Liberal Democracy E

IntroductionIn a capitalist system, businesses struggle with unrivaled another to produce the most innovative merchandise at the most competitive prices in turn, consumers freely select the most coveted products. According to Adam Smith, this competition, when left unregulated, fosters maximum wealth and the common right (Economist 2-3). Indeed, unmanaged competition may ensure prices are affordable for consumers (2). However, in a global free market that exploits cheap labour market choose 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 capitalist economy in the late 20th century, social inequalities have grown significantly, with one percent of the most powerful countries attaining more wealth than half the gentleman (Dunklin 2). Canadas income gap has also risen, exacerbating morbidity and mortality (Bryant 47). However, the limit that government should reduce social inequities is controversial in a braggy democracy, which prioritizes economical freedom. That being said, social inequalities may lead to wealthier individuals gaining an advantage in policy making (Bryant 54 Rein 63), undermining the liberal democratic nurture of political equality. Moreover, the ideal of economic freedom is shrinking in nowadayss global economy, which exhibits massive enterprises stifling competition and creating economic imbalance (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 pedantic Search Complete.Raphael, D., Curry-Stevens, A., & Bryant, T. (2008). Barriers to addressing the social determinants of health Insights from the Canadian experience. H ealth Policy, 88, 222-235. doi 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). Radical 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 fiscal 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.