Economics

 

Market capitalism is far closer to meritocracy than mediocrity while democracy is far closer to mediocrity than meritocracy. Even though capital accumulation by property rights often make rich heirs ‘fortunate’, by and large market capitalism favors the talented, irrespective of birth. Democracy shields mediocrity of the majority by promoting welfare rights, instigates jealousy of those successful under a free market economy and often turns against national and global market capitalism. In view of all this, should the U.S. actively promote both liberal, free market economy and participatory democracy in foreign nations? Or, on a case-by-case basis, should the U.S. only promote integration into the global free market economy and perhaps rule by a ‘talented few’?

 

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