The Future of Democratic Capitalism

The Future of Democratic Capitalism

The Future of Democratic Capitalism

The Future of Democratic Capitalism

Excerpt

The theme of the second series of the Benjamin Franklin Lectures of the University of Pennsylvania is the future of democratic capitalism. This challenge to speakers, listeners, and readers is as difficult and dangerous as it is vital in character. Indeed, the title of the series is another way of asking what are the chances of survival for America's present economic and political way of life. If capitalism and democracy are to survive, how, and in what form? What are their interrelationships?

On one side of the world stands totalitarian communism, proclaimed by the Union of Soviet Socialist Republics of Russia, and propagandized by the Comintern and, later, by the Cominform. On the other side -- this side -- stands the democratic capitalism of the United States, which is being attacked from within as well as from without; it is undergoing such serious, rapid changes that its fundamental nature has been altered within a single generation. Between these two extremes, institutional, ideological, and geographical, stand the democratic and socialistic nations of Western Europe, including the so-called "welfare state" of Great Britain under its present Labour Government.

Appraisals and prophecies should rest on sound analy-

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