3 ms·
The meme that the market system is democratic is strange to me. It's not a dictatorship, but it's odd to claim that something is democratic when I (as a modera
by amalcon 3y ago
The meme that the market system is democratic is strange to me. It's not a dictatorship, but it's odd to claim that something is democratic when I (as a moderately well off American) have as many votes as ten less well-off people in my own country. More, if you adjust for the number of votes each person need to use to not die. The difference grows further when you consider that there are people with well over 1,000x my assets, and when you consider the global nature of the modern economy.
- missedthecue 3y agoThe definition of democracy is NOT limited to one person one vote. For instance, corporate board seats are democratic, but you only get to vote with as many shares as you own.
- amalcon 3y agoNot strictly, no, but there are limits. I think most people will agree that it's not a democracy when a single person controls all of the votes (dictatorship), or when a small group with usually-aligned interests controls a majority of the votes (oligarchy). That said I think you've helped a bit with my confusion here. The point where it moves from democracy to something else is obviously not clear -- so probably the people who consider the market system to be democratic just draw that line differently from me.