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Theoretical and Applied Economics
No. 10 / 2009 (539)

The Costs of Democracy

„There are boundaries of the nonsense which must not be
crossed with too much ease.”
Adam Michnik

The theories are not guilty for the failure. No matter how many times the failure of neo-monetary theory is paired with the phenomenology of the present crisis, the truth lies elsewhere. The failure is due to the marriage between neo-monetary theory and the belief in the infallibility of the market. A sort of union with an omnipotent divinity.

Frankly speaking, the mystical marriage was contracted by the militants of neo-monetary theory and by the neoconservative politicians fueled by the latest forms of fundamentalism in the flavor of the libertarian religion. The first were, in fact, practitioners of the control of power through money, the other were executants for the power in the name of the natural right of those who hold the material basis of power.

The failure attributed to theory is in reality the failure of the instrumentation of the excess of power. That power which self-replicates only through the concentration of wealth. Which is the political power focused on the ownership of all powers, beginning with the economic and military ones, through to juridical power and ending with the scientific and civic powers. It is the power for which the discretionary control of liberties is something natural. It is the power which tends to be absolute and in this state the corruption of all values, the moral ones above all, is declared as a natural right of the political power.

The failure of neo-monetary theory is visible in these conditions. Its liberal extraction has - paradoxically -fermented a totalitarian potion, which creates dependencies. From something that was destined to become a blessing, it turned into something different, a bad omen. Instead of the gain in wealth obtainable through the rational instrumentation of the world of money, the end result is the distribution of freedom through a minority's will.

The synthesis takes into account just the antithesis, in a way in which history does not seem to need a thesis. Which is something absurd, the like of esoteric visions in which the world must be upside-down and inside-out. Not only relativization contributes to the new confusion of the understanding, but also a perversely entertained need for political absolutism and totalitarian control, being supported by their incontestable efficiency. The unique cost of the singular idea is the unavoidable argument for the rejection of the transaction because it proves to be... too expensive. Democracy becomes at most a facade behind which everything is amplified in order for control to be cheap.

The temptation is irresistible and acquisitions are transferred from the economic to the political judgment. Neo-monetary theory is robbed of the idea of direct governing by the neo-conservatory radicalism in order to use it in diminishing the transaction costs specific to democracy. In this way neo-monetary theory is falsified and democracy is emptied of content. Their antitheses, instead, triumph.

The resulting shock siderates consciousness. The bearings are increasingly distant. The lie, the cheapest product of the mind, is considered the norm for success. Corruption becomes the universe in which political action and decision are justified. The guilty are not included in this upside-down and inside-out universe. Cynicism founds new brotherhoods which practice the ritual of exorcising truth and justice. The boundary between good and evil is erased. The world re-lives the big-bang with the new god of the antithesis.

Certainly, by the Holderian principle there also grows that which saves us from the danger resulting from the marriage between neo-monetary theory and the will for power. Reassuming the costs of democracy is the solution to the Gordian knot of political excess. Fleeing the extremes is inscribed in human nature. The meme of moderation is powerful. Mankind does not forget eternity even if people are obsessed with time. Exiting the age of excess is a normal resultant of eternity. It is not happening now, but it will happen tomorrow.

This is the implacable mechanism through which hope will always have the chance to push things forward. Through it, theories are cured of the fact that they are failed creations, while the will for power calibrates its amplitude to the transaction costs of the democratic system.

The balance of entitlements and responsibilities is re-equilibrated.


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The Costs of Democracy
Marin Dinu

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