Tensions Between Capitalism and Democracy Today : From the Perspective of J. S. Mill and J. A. Schumpeter

This book examines the intellectual ideas that underpin our understanding of capitalism. Framing these debates through the work on John Stuart Mill and Joseph Schumpeter, the development of democracy and its relationship with capitalism is explored to provide insight into the rationality of individuals and the distribution of power. By analysing the evolution of economic systems, ideas relating to democracy, capitalism, liberalism, competition, and elites are also defined. This book aims to inform current economic and political debates and to highlight new forms of democracy and capitalism. It will be relevant to students and researchers interested in the political economy and the history of economic thought. Preface Contents About the Authors Chapter 1: Introduction: Why We Read Mill and Schumpeter Today? Methodological Individualism and Some of Its Ambivalences References Chapter 2: Capitalism, Democracy, and Elites Today The Crisis of 2008 and Aftermath: From Capitalist Crisis to Democratic Crisis The Rise of Lobbying and the Increasing Power of Elites Who Are the Elites? References Chapter 3: Mill on Majority Power and Elite Government Political Science Shaped by the Philosophy of Science Individual Interest Versus Collective Interest Bentham and the Highest Interest of Majority Tocqueville as the Mirror of Mill Democracy as State of Society Government by the Elite: A Guarantee of Freedoms The Economic Dimension of the Ideal State References Chapter 4: Schumpeter on Capitalist Development, Creative Destruction and Elites Schumpeterian Analysis of Capitalism Criticism of the Classical Democracy Theory From Economic Competition to Political Competition Democracy as a Function of Competition and Elites References Chapter 5: Conclusion: How Mill and Schumpeter Tell Us Today? References Index