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Theoretical and Applied Economics
No. 5 / 2012 (570)

Oligarchy versus Democracy and Regulation versus Deregulation under the Globalization Effect

Dumitru-Alexandru BODISLAV
Bucharest Academy of Economic Studies

Abstract. On capitalism that is created under the pressure of globalization there are created many economic systems that derived into a new model: the asymmetric model created from propriety rights’ perspective and the influence of interest groups, an asymmetric model that is called “oligarchy”(1). For a better understanding of oligarchy we consider an oligarchic society, where the political power is in the hands of the producers of goods, that tend to protect their propriety rights, but this way they create entry barriers, destroying the propriety rights of future potential producers.

    Capitalism was and is stressed by the (de)regulation phenomena created by the competition which is shaped through globalization. With ease we can go from (de)regulating to oligarchic pressure, which from the globalization’s perspective can give birth to the lagging or decoupling in the global economic system. This paper researches these two cases and inserts them into the global framework to result the evolution of society’s members’ welfare.

Keywords: democracy; de/regulation; governance; oligarchy; social welfare.

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