Democratic Capitalism and the Contemporary Challenges

Democratic Capitalism and the Contemporary Challenges
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Democratic Capitalism and the Contemporary Challenges
Capitalism entails the division of individuals within the society, with the capitalists occupying the highest class with increased wealth possession in the society. In contrast, most of the community members occupy the middle class. The middle-class individuals provide labour to the capitalists by working in various organizations and industries belonging to the capitalists for cheap labour. In contemporary society, political leaders argue that people should support democratic Capitalism because it would increase production, increasing wealth worldwide. However, democratic Capitalism is perceived as promoting poverty among the bourgeois class because of the increased use of technological innovation (Klein, 2020, p. 30). Thus, there are divided opinions among individuals on whether to support democratic Capitalism or not. Democratic Capitalism is highly regarded for its ability to initiate competition leading to increased productivity. The paper argues that democratic Capitalism can be utilized to solve the problem of economic growth through increased production as a result of advanced technology and the industrial revolution but with numerous challenges, including unemployment, division of people, pollution, and prejudice.
Democratic Capitalism is associated with increased technological innovation, including automation of industrial machines. According to Behrent (2016), democratic Capitalism is associated with significant transformations leading to high technology, contributing to economic growth. Behrent presents Polanyi's argument that people are social beings with whom they can interact through the market society (439). Polanyi argues that through interaction and Capitalism, people's social aspects, such as religion, are embedded to promote cohesion. Polanyi's argument indicates that democratic Capitalism promotes positive and negative impacts on people's lives. Automation would ensure that industries and organizations operate through computers and machines to produce goods and services hence less human labour. The devices would also ensure they work twenty-four seven to promote more productions, which human beings cannot manage. Human beings would be relieved of mental health issues associated with workload hence promoting healthy living. The increased production would ensure companies and organizations remain competitive, producing quality goods (Przeworski, 1985, p. 5). However, the increased productivity due to automation of machines would mean people would lose their jobs because of less demand for human labour leading to poverty and suffering within the society. According to the current study, the atomization of organizations and industries would lead to half of the individuals employed as blue- and white-collar workers would lose their jobs. Thus, democratic Capitalism would work to solve the problem of economic growth while promoting discrimination and suffering among individuals.
Democratic Capitalism would also promote increased production among industries because technological advancements entail countries ha...