4 янв 2022 г. - Brookings: Is democracy failing and putting our economic system at risk?

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"The conclusion we draw from this quick review of public opinion is that if democracy fails in America, it will not be because a majority of Americans is demanding a non-democratic form of government. It will be because an organized, purposeful minority seizes strategic positions within the system and subverts the substance of democracy while retaining its shell—while the majority isn’t well organized, or doesn’t care enough, to resist. As we show in a later section, the possibility that this will occur is far from remote."


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Is democracy failing and putting our economic system at risk?
William A. Galston, Elaine Kamarck
January 4, 2022

“I think the decline of democracy is a mortal threat to the legitimacy and health of capitalism.”
—Rebecca Henderson, Harvard Business School1
The rule of law and democracy are crucial to capital markets. A free market balanced by a democratically elected, transparent and capable government, and a strong civil society (“an inclusive regime”) yield stable growth rates and greater social welfare.2 Conversely, threats to democracy are threats to the private sector, which is why business leaders and institutional investors cannot afford to remain on the sidelines when such threats emerge.

This paper explores the state of American democracy and whether it constitutes a systemic risk that impacts fiduciary duties. The paper proceeds in three parts. In the first, we assess the question of whether American democracy is backsliding towards failure, and argue that it is. In the second, we will examine whether democratic failure represents a systemic risk, and conclude that it does. In the third part, we offer some preliminary thoughts about what steps major private sector actors may undertake as part of their fiduciary responsibilities given the threats to U.S. democracy and markets.

Section 1: Is Democracy Failing?
We examine this question along two key dimensions: public opinion and institutional performance.

The American Public
Based on six high-quality surveys conducted in the last year and a half, support for democracy as the best form of government remains overwhelming and mostly stable across party lines.3 However, about 1 in 5 Americans have views that make them at least open to, if not outright supportive of, authoritarianism.4

But there’s an important qualification: Americans distinguish sharply between democracy in principle and in practice. There is near-universal agreement that our system is not working well—in particular, that it is not delivering the results people want. This is troubling because most people value democracy for its fruits, not just its roots.5

Given that situation, it is not surprising that public support is very high for fundamental change in our political system to make the system work better. There is no party of the status quo in contemporary America: both sides want changes, but they disagree about the direction of change. Unfortunately, about 6 in 10 Americans do not think that the system can change.6 And because it has not changed despite growing dysfunction, polarization has led to legislative gridlock, which has generated rising support for unfettered executive action to carry out the people’s will.

Democracy means the rule of the people, but Americans do not fully agree about who belongs to the people. Although there are areas of agreement across partisan and ideological lines, some in our nation hold that to be “truly” American, you must believe in God, identify as Christian, and be born in the United States.7 In a period of increasing immigration and religious pluralism, these divisions can become dangerous.

Disagreements about who is truly American are part of a broader cleavage in American culture. 70% of Republicans believe that America’s culture and way of life have changed for the worse since the 1950s, while 63% of Democrats believe that they have changed for the better.8 Strong majorities of Republicans agree that “Things have changed so much that I often feel like a stranger in my own county,” that “Today, America is in danger of losing its culture and identity,” and that “the American way of life needs to be protected for foreign influences.” Majorities of Democrats reject these propositions.

Support for political violence is significant. In February 2021, 39% of Republicans, 31% of Independents, and 17% of Democrats agreed that “if elected leaders will not protect America, the people must do it themselves, even if it requires violent actions.” In November, 30% of Republicans, 17% of Independents, and 11% of Democrats agreed that they might have to resort to violence in order to save our country.”9

While public support for many of the reforms in federal compromise legislation is strong, there is a divide in the electorate on what they view as the largest problem in our current system.10 In September, only 36% believed that “rules that make it too difficult for eligible citizens to vote” constituted the largest problem for our elections, compared to 45% who identified “rules that are not strict enough to prevent illegal votes from being cast” as the largest problem.

The conclusion we draw from this quick review of public opinion is that if democracy fails in America, it will not be because a majority of Americans is demanding a non-democratic form of government. It will be because an organized, purposeful minority seizes strategic positions within the system and subverts the substance of democracy while retaining its shell—while the majority isn’t well organized, or doesn’t care enough, to resist. As we show in a later section, the possibility that this will occur is far from remote...."


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