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Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.
--
Ch. 8, Democracy and the free market, p. 159

 

Ha-Joon Chang

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Unlike what neo-liberals say, market and democracy clash at a fundamental level. Democracy runs on the principle of ‘one man (one person), one vote’. The market runs on the principle of ‘one dollar, one vote’. Naturally, the former gives equal weight to each person, regardless of the money she/he has. The latter give greater weight to richer people. Therefore, democratic decisions usually subvert the logic of market.

 

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