In this political context, the majorities’ interests are given priority for deliberation during legislative processes. The objective of republicanism within a state’s governing institutions is to promote the concept of individual liberty in the social, political and economic aspects of the population. …
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The republican administrative system has devised mechanisms and meant to address the aspect of liberty in each aspect mentioned above. Republican principles have been applied extensively within the economic aspect through elements like capitalism and free market in the society (Rauchut 204).
The political system of any society has direct influence on the economic activities practiced by the society’s members. In this context, the principles and philosophies of republicanism directly influences the economic activities of the American population. The concept of individual liberties in the context of economy may be referred as democratic capitalism. Individual liberties are practical in achieving economic equality in any nation. The republican form of government plays a great role in co-coordinating all the systems and legislative principles that facilitate the establishment of a capitalistic environment. In its efforts, this form of government seeks to modify and restructure its systems to establish favorable legislations pertaining commerce, finance and the nation’s social development associations. Legislation of the relevant regulations by republicanism has ensured the existence harmony between the production and consumption elements of economy within the American society. The society is able to produce as much as they wish and the consumers can purchase whatever suits their interests at whatever time they prefer. The attainment of this state of economic liberty within the society has been facilitated and protected by republicanism (Rauchut 209). Democratic system of governance advocates the aspect of division and distribution of state powers to all the stakeholders. On characteristics of this principle of dividing and distributing power is seen in the three levels of government. Each of these levels handles all the issues which fall within the scope of its existence. In the context of democratic capitalism, the legislative level of government is concerned with the restructuring and regulation of laws that facilitates and protects the existence of a free market state. On the other hand, the judicial level of the same government will ensure all the legislations relating to commerce and economy stipulated by the legislature are followed to the later (Rauchut 212). Among the laws characterizing a free market environment includes the elements of ethics and industrial safety. Every economic enterprise within a state is charged with the responsibility of conducting its business practices in a fair and ethical manner. Every firm should apply the business technique of competition in a manner that meets the required standards and conforms to the stipulated rules. In addition to ethical practices, a business entity in a free market state should stick to the principle of product and service quality and safety. An enterprise on any one industry should not exploit the aspect of free market in a manner that can endanger the lives of the consumer population. Therefore, government regulations should be used to provide directions to private enterprises and ensure fair business practices between the consumers and the producers in a America’s economy (Rauchut 217). The involvement of the government in aspects relating to the establishment of a capitalistic society and a free market environment may present negative consequences at some point. Democratic societies blend
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