Democratic capitalism, also known as capitalist democracy, is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based economy based predominantly on a democratic polity, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism.[1][2]
This economic system supports a capitalist free market economy subject to control by a democratic political system that is supported by the majority. It stands in contrast to authoritarian capitalism by limiting the influence of special interest groups, including corporate lobbyists, on politics.
The United States is often seen as having democratic capitalism as its political-economic system although some argue it has become more authoritarian in recent decades.[3] In the United States, both the Democratic and Republican Parties subscribe to this (little-"d" and "r") democratic-republican philosophy. Most liberals and conservatives generally support some form of democratic capitalism in their economic practices .
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