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Capitalism, Democracy, and Adam Smith

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Thrasher, J. Capitalism, Democracy, and Adam Smith. Journal of Contextual Economics – Schmollers Jahrbuch, 99999(), 1-16. https://doi.org/10.3790/schm.2024.380525
Thrasher, John "Capitalism, Democracy, and Adam Smith" Journal of Contextual Economics – Schmollers Jahrbuch 99999., 2024, 1-16. https://doi.org/10.3790/schm.2024.380525
Thrasher, John (2024): Capitalism, Democracy, and Adam Smith, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 99999, iss. , 1-16, [online] https://doi.org/10.3790/schm.2024.380525
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Capitalism, Democracy, and Adam Smith

Thrasher, John

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. (2024), Online First : pp. 1–16

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/schm.2024.380525
Language
Multiple languages
Pages
16
Keywords

Author Details

John Thrasher, Philosophy Department and Smith Institute for Political Economy and Philosophy, Chapman University One University Drive CA 92866 Orange, USA

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Abstract

How can we better understand the relationship between capitalism and democracy today? This article challenges the prevailing “independence thesis” that views capitalism and democracy as separate and often antagonistic systems. By revisiting Adam Smith’s integrationist approach to political economy, I argue for a more nuanced understanding of the symbiotic relationship between political and economic orders. The article critically examines common responses to the independence thesis – insulation and implementation strategies – and proposes an alternative framework based on Smith’s integrated political economy. This Smithian perspective not only offers a more accurate description of the interdependence between capitalism and democracy but also provides a robust foundation for addressing contemporary challenges in political economy.

Table of Contents

Section Title Page Action Price
John Thrasher: Capitalism, Democracy, and Adam Smith 1
1. The Independence Thesis 2
2. Insulation and Implementation Strategies 4
3. The Interdependence of Democracy and Capitalism 7
4. Smithian Integrated Political Economy 9
5. Conclusion 13
References 14

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