by Michael S. Rozeff, Lew Rockwell:
Mises was on to something essential when he wrote “When we call a capitalist society a consumers’ democracy we mean that the power to dispose of the means of production, which belongs to the entrepreneurs and capitalists, can only be acquired by means of the consumers’ ballot, held daily in the marketplace.”
The late William H. Peterson, with whom I had the good fortune to communicate, expanded upon this idea in a number of articles.
But this idea of market democracy or consumers’ democracy or dollar democracy is still too limited. It needs to be taken out of the economic realm and into the social-political-legal realm. To do that, we need only extract the essence of the concept. The underlying feature of market democracy is that each person makes his or her own choices of goods daily, and this is a “check and balance” on what entrepreneurs produce and capital markets fund to be produced.
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