Neo liberal capitalism has often been thought to be compatible with liberal democracy, and in fact the latter is regarded as the pre-condition for the former. But the former is an economic notion, whilst the latter is political. Whilst capitalist economics is mainly concerned with the free market and profit maximization, the political process under liberal democracy encompasses something broader. It allows for the democratic contestation of various interest groups where ‘winner does not take all’ since minority interests must be protected.
The democratic political process also demands that the voice of the majority be taken into account in decision making and not only the interest of the rich and the powerful, who would otherwise dominate in a world governed by pure economic considerations.
In fact, the decision against monopoly in the economy, as had happened in the United States through anti trust laws, was a political decision and not the result of the economic process, which dictated otherwise. So the primacy of politics over economics should be maintained, because it is through politics that the rights of the people are upheld.
KHAIRUL IDZWAN IDRIS
Timbalan Pengerusi
Biro Ekonomi Dan Pembangunan Usahawan
Pergerakan Pemuda Umno Bahagian Setiawangsa
Wilayah Persekutuan
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