Reforming Capitalist Democracies: Which Way?
Review of Political Economy, 2020, vol. 32, issue 4, 538-547
The debate about how to reconcile political with economic democracy is translated within the framework of wage and profit-led growth in this article. The inherent tension between providing sufficient profit incentive to motivate investment by the capitalist class and maintaining electoral accountability to the economically less privileged majority is examined through an analysis of the effectiveness of policies to raise the social wage. This article shows how wider circumstances characterizing regimes as wage- or profit-led matter for reconciling a higher profit share with a higher social wage.
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