4īut there’s an important qualification: Americans distinguish sharply between democracy in principle and in practice. 3 However, about 1 in 5 Americans have views that make them at least open to, if not outright supportive of, authoritarianism. The American Publicīased 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. We examine this question along two key dimensions: public opinion and institutional performance. 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. In the second, we will examine whether democratic failure represents a systemic risk, and conclude that it does. In the first, we assess the question of whether American democracy is backsliding towards failure, and argue that it is. This paper explores the state of American democracy and whether it constitutes a systemic risk that impacts fiduciary duties. 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.
#NYTIMES FRONT PAGE FEB11 2016 FREE#
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. The rule of law and democracy are crucial to capital markets.
“I think the decline of democracy is a mortal threat to the legitimacy and health of capitalism.” -Rebecca Henderson, Harvard Business School 1
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