Democracy is that system of government in which the political powers of a state lies in the people i.e. A is based in the popular will and the right of the minority is protected.
Capitalism is a type of government on the ideals that means of a production and the distribution of goods and services should be owned and controlled by private individuals to achieve optimal productivity. It is essentially to promote freedom of thought and voluntary actions creatively applied to production. It is based on private property right, profit maximization, cooperation, division of labour and economic justice. Those that believe in this principle are capitalist.
Capitalist democracy is a system in which the private sector produce goods and services for a free market and the government is elected to maintain and protect orderliness in the society.
Michael Novak defines it as an amalgam for three systems namely: (i) an economy based predominantly on free market and economic incentives.
A democratic polity and a classical – liberal moral cultural system which encourage pluralism.
Political liberty or democratic polity allows for reconstitutional system of governors in which both individuals and groups are represented. The moral cultural includes values like work ethnics, individual initiatives, honesty and respect for private property is encouraged by mediating institution like the family, church and other voluntary groups.
Characteristics of capitalist democracy
- Economic Freedom: Individuals have the freedom to possess as much wealth as they desire, the government still makes laws guiding cooperate bodies and individual in the economic activities.
- Separation of powers: There are a number of structures in place to check the abuse of power like the legislature e.g. the executive and judiciary.
- Equal Right: citizens have equal right to participate directly and indirectly common political decision.
- The existence of independent and active civil society: this groups activities influences vital decision of power brokers. In January, 2012 such pressure groups forced the government of the federation to reduce the retail price of petrol (PMS) per litre from N65to N140 and then to N97.
- The existence of fundamental human rights
- Periodic free and fair election
- Party system
- Freedom of press
- The rule of law
- Tolerance of opposition
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