Money Matters: The Importance of a Fair Economy in Democracies
Author: Amaya Hunter
The preconceived thought of democracy is the image of the voting booths, the constitution, and debates on the House floor. There is a less flashy aspect of democracy, a core ingredient that enables the possibility of each of these ideas of democracy: an egalitarian economy. After all, the American economy was one of the most pressing issues of the 2024 Election. A recent Gallup poll underscores the central role of money in American politics. 52% of registered American voters say that the economy is critical in deciding their presidential vote (Brenan, 2024).
Why does the economy matter so much? This is because economic power has the capacity to translate into political power. When wealth is concentrated in the hands of the few, they will utilize their funds to influence politics in their favor. From elections, lobbyists, and lawmakers, the 1% attempt to extend their authority over guiding public opinion. We've seen this, clear as day, with figures such as the infamous Elon Musk. Does giving $1 million checks in the wake of state judicial elections feel like a genuine grassroots effort, or is democracy on the auction block? John F. Weeks puts such an idea bluntly in Wealth Accumulates and Democracy Decays. When financial markets are granted the opportunity to dominate politics without guardrails, corporate elites slither their way into "buying and selling" elections. Unregulated markets thwart the fundamental principles of democracy; thus, they make ordinary voters feel that their voices barely register. Legislative branches are instead at the whim of the markets, which face no punishment due to their feckless behavior (Weeks, 2016).
A strong democracy requires more than simply ballots; it desires citizens who can participate without the crushing weight of possible impoverishment or having their voices drowned out by billionaires. It's why policies such as living wages, progressive taxes, and proper protections for labor unions are not simply economic choices; they are also democratic guardrails. Fair economies prevent the sale of democracy. When people have access to quality education, healthcare, and careers, they can participate wholeheartedly in democratic life. Additionally, this fosters trust; citizens are more likely to believe in their democratic institutions, falling less into political apathy when they can witness that these systems work for them, not solely the powerful few. Policies promoting livable wages, progressive taxation, and further consumer protection legislation assist working families in surviving, ensuring hardship doesn't become a barrier to civic engagement. Economic security gives individuals time, energy, and the resources to participate in activities like voting, volunteering for campaigns, or joining community organizations. Some may argue that economics and democracy are disjointed concepts, but the reality is that political equality is deeply ingrained in economic equality. Now, the government may hold free elections, but if your people are struggling to make ends meet, whilst a tiny elite moves chess pieces, democracy is hollow.
Bibliography:
Brenan, Megan. “Economy Most Important Issue to 2024 Presidential Vote.” Gallup, October 9, 2024. https://news.gallup.com/poll/651719/economy-important-issue-2024-presidential-vote.aspx.
Weeks, John F. “Wealth Accumulates and Democracy Decays.” In Democracy: A Reader, edited by Ricardo Blaug and John Schwarzmantel, 357–360. New York; Chichester, West Sussex: Columbia University Press, 2016. https://doi.org/10.7312/blau17412-077.