Democracies and Free Markets


Democracies provide the means to align public policies with popular preferences, as long as the majority supports the action. In this way, the values of democracy are realized and undesirable actions are avoided. In the modern world, there are many authoritarian regimes that are crumbling. While it may seem strange at first, this phenomenon is a symptom of the decline of authoritarian regimes in the world. However, this reality is only temporary.

The universal Declaration of Human Rights (UDHR) projects the idea of democracy, which states that the will of the people shall be the foundation of government authority. The International Covenant on Civil and Political Rights (ICCPR) further develops and establishes democratic values and principles in international law. These rights include freedom of expression, the right to peaceful assembly, and the right to associate. By strengthening democracy, people can ensure that they have the right to enjoy the benefits of freedom and equality.

While the definition of democracy is not universal, there are ways to enhance it. First, young people must be included from birth, and democracy is a living, evolving system that should be maintained as long as possible. Furthermore, democratic governments can be created in any unit, including a business corporation, university, or international organization. However, the etymological origin of democracy reveals that it can be practiced in any unit. The goal is to achieve a balance between individual freedom and a political community.

Democracy has many positive attributes. A major advantage is the opportunity to associate with other people without having to wait for the state to do it for you. Furthermore, participation in democratic institutions improves public health, education, and economic development. And finally, it fosters peaceful international relations. This is all good evidence, but causal explanation is difficult. The empirical evidence is not conclusive, and we need to be patient and keep an open mind. So, democracy and free markets are inseparably connected, and this fact has prompted a renewed interest in them.

In most democracies, citizens elect representatives to represent their needs. These elected officials then write laws and set policy. While they are responsible for making decisions that affect all people, elected leaders strive to balance conflicting demands and obligations. Democracy is about protecting individual rights and maximizing freedom. If democracy is to succeed, it must start locally. The first step in ensuring a free democracy is to empower young people. That begins with their own neighborhoods. You should engage them in politics in your community and learn to understand the political landscape in your community.

While we cannot guarantee that our decisions will reflect the will of the majority, democracy is a critical foundation for collective judgments regarding public policy. This value can be argued in many ways, but at the root of it all is that democracy can ensure that we make better decisions than dictatorial rule. By pooling the judgments of many citizens, we have higher chances of making correct decisions, and decisions will be more informed and impartial. There is no single definition of democracy that will guarantee that democracy is the best form of government.