Introduction
There is some evidence that the moral, ethical, and spiritual foundation of the American democratic capitalist system is eroding. For instance, there has been a decline in religious affiliation and attendance in recent years and a growing acceptance of secularism. Additionally, there has been a rise in income inequality, which some see as a sign that the system is not as fair as it could be (Azevedo & Jost, 2017). Additionally, trust in government has declined recently, making it harder for the government to enact policies promoting greater social justice.
American Democratic Capitalism
The erosion of American democratic capitalism may make it difficult for capitalist proponents to promote capitalism in other countries. For example, suppose people in other countries see that capitalism in the United States is not working as promised. In that case, they may be less likely to support it, and it may be harder to convince them that capitalism is the best economic system (Azevedo & Jost, 2017).
There are some reasons why a freely elected government is necessary for democratic capitalism. First, it must ensure that the people participate in how the country is run. Second, it would create checks and balances so that no one group has too much power (Azevedo & Jost, 2017). Third, it is necessary to enact policies that promote social justice and a more equitable distribution of wealth.
Without democracy, businesses would not be incentivized to innovate or create new products and services. Additionally, companies would be unable to keep their profits, reducing their ability to reinvest in their businesses or create new jobs. Without a freely elected government, there would be no one to ensure that the country is run democratically. Moreover, without a freely elected government, there would be no checks and balances, which could lead to corruption and abuse of power.
Conclusion
The weakest part of the democratic capitalist system today is the moral and ethical foundation. This implies that businesses would not have any values or guidelines to follow and would not feel obligated to help their employees, customers, or the community. This is evident in the rise of income inequality and the decline of trust in government. Addressing this issue requires businesses to commit to values and ethics, and the government needs to enforce policies that ensure social justice.
Reference
Azevedo, F., & Jost, J. T. (2017). “Making America great again”: System justification in the U.S. presidential election of 2016. Translational Issues in Psychological Science, 3(3), 231–240. Web.