Democratic capitalism finds itself facing an ominous challenge. Will democracies throughout the world truly represent all their citizens, or will they continue to favor the wealthy and powerful minority, who can influence elections and government regulations to their own benefit? Will free market capitalism share its gains in productivity with everyone…or not?
Jefferson’s final draft of the Declaration of Independence, published on July 4, 1776, proposed an ideal of democracy that did not exist anywhere in the world, and which we still aspire to fully achieve: government with the consent of the governed. But something went wrong…
Corrupt governance corrupts the free market. The free market, after all, is simply a democratic decision-making mechanism, in which people vote with their money. Their collective purchases, sales and investments influence what is produced, how much of it and how much it costs. In a New Reality, consumers have a choice of what kind of corporate ethics and values they want to support with their patronage.
“While non-profit corporations must be just as businesslike as their profit-making counterparts, they have different motives and behaviors than for-profit corporations.”
The Green Bay Packer football team will never leave town, because it’s the only professional team in America owned by its fans—a prototype for a new reality in major league sports and a kinder, gentler capitalism.