Why the Market Subverts Democracy

Proponents of neoliberalism contend that promoting free markets is nearly synonymous with promoting democracy. Even those who reject extreme neoliberalism and call for regulating markets often express reluctance to do so because such interventions, in their view, diminish economic freedom to some extent. After a critical examination of competing definitions of economic democracy, this article argues that, contrary to popular opinion, the market system undermines both economic and political democracy in a number of ways.