IntroductionIn a capitalist system, companies compete to produce the most innovative goods at the most competitive prices; in turn, consumers freely select the most desirable products. According to Adam Smith, this competition, when unregulated, promotes maximum wealth and the common good (Economist 2-3). Indeed, unmanaged competition can ensure that prices are affordable for consumers (2). However, in a global free market that exploits cheap labor; market demand declines, leading to excessive lending and debt crises (Li 295-6). In this way, the effectiveness of capitalism and the promotion of the common good are questionable. Since the resurgence of unregulated capitalism in the late 20th century, social inequality has increased dramatically, with the most powerful one percent of countries achieving more wealth than half the world (Dunklin). 2). The income gap in Canada has also widened, exacerbating morbidity and mortality (Bryant 47). However, the extent to which government should reduce social inequality is controversial in a liberal democracy, which prioritizes economic freedom. That being said, social inequality can lead to wealthier individuals gaining an advantage in policymaking (Bryant 54; Rein 63), thereby undermining the liberal democratic value of political equality. Furthermore, the ideal of economic freedom is in decline in today's global economy, characterized by massive corporations that stifle competition and create economic instability (Foster 2). In light of these issues, the purpose of this essay is to detail how unregulated capitalism undermines a liberal democracy by undermining political equality and economic freedom.Ideals of a Liberal DemocracyThe values ​​of freedom and of equality, which are pr...... middle of paper ......21-134. Retrieved from Academic Search Complete. Raphael, D., Curry-Stevens, A., & Bryant, T. (2008). Barriers to addressing social determinants of health: Insights from the Canadian experience. Health Policy, 88, 222-235. doi: 10.1016/j.healthpol.2008.03.015. Reich, R. (2007). How capitalism kills democracy. Foreign Policy, September/October 2007, 38-42. Retrieved from Academic Search Complete. Rein, S. (2009). Radical politics. In J. Brodie & S. Rein (Eds.), Critical concepts: An introduction to politics (4th ed.) (pp. 60-71). Toronto, ON: Pearson Education Canada. Shahrokhi, M. (2011). The global financial crises of 2007-2010 and the future of capitalism. World Financial Journal, 22, 193-210. doi:10.1016/j.gfj.2011.10.010.Workman, T. (2010). Renewing the left in Canada. Canadian Dimension, 44(3), 49-52. Extract from the Canadian Reference Center.