What democratic value relates to market economy?

Posted on June 1st, 2010 by admin1 in democratic marketing

And are there any historical roots to this value?

The democratic values most closely aligned with a "market economy" are the right to the pursuit of happiness, personal liberties and freedom of expression.

Market economy refers to an economic system where each citizen makes their own choices daily about what to buy, what to wear, what to drive, and what video or TV program to watch. Market economy is characterized by lack of direction from the "central government." Market economies, in general, are not "planned economies." A pure communist economy is a very strictly planned economy.

In the U.S. there are historical roots in these values. The revolutionary leadership became fed up with directives from London about trade, taxation, personal freedoms, and loyalty to the Crown. So, the historical roots of these values are sown in the Declaration of Independence, U.S. Constitution and Bill of Rights.

2 Comments on “What democratic value relates to market economy?”

  1. Blu

    The democratic values most closely aligned with a "market economy" are the right to the pursuit of happiness, personal liberties and freedom of expression.

    Market economy refers to an economic system where each citizen makes their own choices daily about what to buy, what to wear, what to drive, and what video or TV program to watch. Market economy is characterized by lack of direction from the "central government." Market economies, in general, are not "planned economies." A pure communist economy is a very strictly planned economy.

    In the U.S. there are historical roots in these values. The revolutionary leadership became fed up with directives from London about trade, taxation, personal freedoms, and loyalty to the Crown. So, the historical roots of these values are sown in the Declaration of Independence, U.S. Constitution and Bill of Rights.References :

  2. Dilettante

    I’ve been thinking about this one.

    The closest I can come to an answer is the right to property. That was one of the three tenets of John Locke, and it almost made it into the Declaration of Independence in 1776; it was renamed "pursuit of happiness" as a bone to the masses who didn’t own property, but the principle lives on.

    However, it could just as easily be justified as "the right to liberty", since market economies are all about the freedom to choose the most efficient choice. For the historical roots here, you might look at Adam Smith and his Invisible Hand of the marketplace.

    I’m still not sure which I’d say is the ‘right’ answer. Let us know, will you?References :

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