Capitalism Democracy

3 Credits · Level: Undergraduate

Over the last 200 years, free market capitalism has been championed as an unmatched engine for driving economic growth in the United States and around the world. Competitive market-based economies have sparked innovation, improved standards of living, and lengthened the average life span. Yet problems persist, including uneven economic opportunity, degradation of natural resources, as well as corporate scandals and misbehavior. Considering these problems as pressures on the legitimacy and viability of the market system, the course will evaluate the relationship between business and society, particularly in democratic societies. The course will focus on potential approaches to managing the tensions and trade-offs that present themselves when both economic vitality (growth, innovation) and system stability (fairness, sustainability, societal needs and values) are desired outcomes. To reconcile the benefits of free market capitalism with the values and expectations of a democratic society, students will examine real world issues and tackle complex questions. How have views on corporate governance and the purpose of business in society changed over time? What are the current pressures on democratic capitalism? What are potential solutions that address the inherent tensions in the system? Through considering a range of questions, students will develop a foundation in both economic analysis and political economy and the skills to think critically about the relationships between economics, society, and government. Learning takes place through lecture, discussion, readings, and data analysis.