Democracy Evolving: A Diversity of Institutional Contradictions Transforming Political Economy

Abstract:

I analyze democracy as an evolving socio-historical process of autonomy, participative governance, social learning, and institutionalization. I discuss a variety of institutional contradictions, ranging from protective versus developmental democracy, socialist versus capitalist democracy, transcendental versus comparative institutionalism, and utilitarian versus pragmatist democracy. I argue that these contradictions are inherent in the agonistic nature of democracy that is transforming political economy along with the antagonistic interests of its members and institutions. I also present a basic synthesis of some dynamic aspects of democracy that enable and enhance social emancipation and transformation.

Keywords::

• democratic paradox
• history of democracy
• institutional economics
• political economy

JEL Classification Codes::

• B14
• B52
• D71
• P160

Notes

¹ I refer to contractarian theory broadly as the search for an supreme contract among equal citizens or agents.

² Translation by the author.

³ Arrow (1963, 47) calls the theorem “The General Possibility Theorem for Social Welfare Functions.”