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Theories of Political economy - Essay Example

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Summary to essay on topic "Theories of Political economy"
Democracy is the power to govern a state in the form of majority votes. It allows people to make their choices for their representatives or direct vote (direct democracy). How it conforms to free market is a debate that highlights many aspects and pitfalls in this state governance out of which ethnic disparity is the major issue…
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Download file "Theories of Political economy" to see previous pages... This determines the fact that only a majority of choices (or greater purchasing power) will support the existence of a commodity in a market. Democracy demands that the choices of all consumers must be enforced, and also maintains the representation of minorities. However, free market economy does not support minorities because its terms are dependent on greater numbers and purchasing power.
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If a minority lacks any of these factors it suffers from free market economy and inherently rules out the effect of democracy in the same scenario.
Secondly the 'trickle-down effect' is another product of joint democracy and free market economy. The rich earn the purchasing power to have the most desirable and newest innovations until diminishing marginal utility lowers its demand. Eventually its cost falls and reaches to minorities which eventually satisfies democratic movement as well. For example, automobiles that have depreciated over 5 years are sent to third world countries, reconditioned but not valid for their home country. Or majorities that cannot afford electric automobiles are compelled to purchase ones that run with gasoline, which is much more expensive in long term. Democracy would demand equal right and chance for communities to avail a new product/technology, but it is these situations that undermine democratic institutions. This cannot be regulated since it would require democratic institutions to control demand and supply, which is highly unfavorable for a free market economy. Instead a free market economy takes support from an 'invisible hand' which comes in the form of trickle-down effect.
Democracy is an illusion in itself for workers and labor. Governments provide a legal infrastructure, stable currency, educated workforce and law enforcement. As there is a requirement for more workforces, Government arranges for that requirement through their own public establishments. Therefore, as free market suggests 'let the forces of demand and supply decide', ultimately it is the corporations that decide how much to pay for labor and how to trade. Hence markets are created by the government; it is the government alone that authorizes organizations to exist. Throughout this process, there is no enforcement of democracy, even in the manner of strong labor unions; there is mostly an upper hand of corporations because it is they who form industry norms.
Democracy cannot lead to elimination of free market economy because it itself is thriving on free market practice. Major ameliorative institutions from Medicaid and Social Security in the US are running from this mechanism. Capitalist system creates better societies for the affluent because they pay higher taxes, such as free market economy supports, and likewise for less established societies despite support of democratic government. Free market is a powerful influence that motivates entrepreneurs and enterprising people to work harder and perform more. Elimination of free market would backfire through the channel of democratic approach.

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The question of whether the two seemingly contradictory positions of Marx's argument about labor and freedom is a question of ends. Working for economic ends has always been a commonplace since the advent of industrial capitalism. The European work ethic ...Download file "Theories of Political economy" to see next pagesRead More
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