Protective Liberalism: The Foundation for Transformative Democracy (eBook)

Academic Paper from the year 2020 in the subject Economics - Other, , language: English, abstract: Free market economy has never been in practice since the perfect competitive market is just an ideal situation. It is the economic creator of classes dividing human beings in different layers. The corporate regime came about with the neoliberal economic theory which is motivated by efficiency and trade liberalization. 'Supermarket revolution' for privileged consumers further constructed the division of farmers and consumers advancing 'new international division of labour'. Their economic power turns into the political power. The economic crisis was the result of neoliberal policy. It regenerated neoliberal atrocities and failed to improve human wellbeing at scale. State capitalism emerged as the alternative system: a compromise between competitive capitalism and socialism. However, it has several limitations. The protectionism stimulates left out people for economic growth. Egalitarian society from bottom to top is the basic part of the protective liberalism. It is neither anti-capitalism nor anti-socialism, rather the basic foundation for the transformative democracy.