CAPITALIST DEMOCRACY
CONTENT
- Introduction
- Meaning of Capitalism
- Meaning of Capitalist Democracy
- Competition for Power among Political Parties in a Capitalist Democracy
Introduction
There are two main democratic practices world over. These two democratic practices fit into the two major economic systems in the world namely socialism and capitalism. Socialism and its brand of democracy is practiced in China, Cuba, Russia, the Dominican Republic and other countries in Eastern Europe called the Eastern Bloc. In this system of democracy, there is no individual ownership of means of production and distribution and property. The government owns the means of production and runs a one-party system.
Meaning of Capitalism
Capitalism is the opposite of socialism where the individuals are allowed to own the means of production and properties. The market forces of demand supply determine the price of goods and services. This ideology comes from Western Europe and is championed by Great Britain, the United States of America, Japan, Germany, and indeed about over two-thirds of the countries of the world including Nigeria.
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