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May 5, 2010
Sovereign risk---none other than a culmination of populistic democracy
The democracy which was built in the industrialized society needs revamping today.
In economy the Greek sovereign risk and the huge official debts of the Japanese government, and in politics the stalemate in Britain and (again) in Japan show that the democracy needs some systemic change to deter the "dictatorship by the masses" as Tocqueville described in early 19th century after his trip in the U.S.
This is an old question, but does anyone have a good idea?
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Comment
A thought:
Tocqueville's "dictatorship by the masses" (actually mostly badly educated, of simple immigrant background) may be transformed into something more positive as the basic education of these masses hopefully increases to a level that allows for more reasonable, better informed judgement. We are not yet there in many cases. Furthermore, most of the working population spends a very significant portion of there time in a corporate environment - thereby getting conditioned to it - where decisions usually are not made based on democratic processes. Usually too tired after work, it often lacks the energy to engage in the demanding information gathering and understanding process essential to true and meaningful democratic behavior.
Yes, a wise solution is needed.
Thank you for a nice comment. It is very hard to find a proper solution. In my own experience the larger part of the society remains passive or overly resentful about their own government.