The Dark Side of Capitalism: How Economic Interests Can Undermine Democracy

By Bagarukayo Abdu | NRM CADRE

Capitalism’s emphasis on profit and growth can sometimes lead to unsavory consequences, particularly when it intersects with politics. When capitalists interfere with electoral processes, it can demoralize democracy and ultimately cause chaos in a country. One way this happens is through the manipulation of voters, often via bribery, to sway election outcomes in their favor. This can lead to a loss of trust in the electoral system, erosion of democratic institutions, and even violence.

In Africa, the influence of capitalism on politics has been particularly pronounced. The continent’s economies are often extractive and heavily reliant on imports, leading to extreme inequality and political instability. A stark example of this can be seen in Guinea-Bissau, where the intersection of economic and political interests has fueled a cycle of coups and instability.

Guinea-Bissau’s struggle for independence was led by pan-Africanist Amilcar Cabral, who envisioned a homegrown ideology based on African culture and traditions. However, after Cabral’s assassination, the country succumbed to a series of coups and power struggles, often driven by external economic interests. The implementation of structural adjustment programs by the International Monetary Fund and World Bank further exacerbated the situation, leading to widespread poverty and instability.

Today, Guinea-Bissau ranks 177 out of 184 in the Human Development Index, a stark reminder of the devastating impact of unchecked capitalism on democracy. The country’s experience serves as a cautionary tale about the dangers of allowing economic interests to dominate politics. The exploitation of natural resources, such as fisheries and minerals, has also contributed to the country’s instability, with various groups vying for control of these resources.

The relationship between capitalism and democracy is complex, and the two are often at odds. While capitalism can drive economic growth, it can also lead to inequality and instability. Democracy, on the other hand, prioritizes the needs and voices of citizens. However, when capitalists use their wealth and influence to manipulate electoral processes, it can undermine the very foundations of democracy.

As economist Amartya Sen noted, democracy has instrumental value in enhancing the voices of citizens and holding governments accountable. However, when economic interests are allowed to dominate politics, this accountability is lost, and the consequences can be severe. The result can be a vicious cycle of corruption, inequality, and instability, ultimately undermining the legitimacy of democratic institutions.

The consequences of allowing economic interests to dominate politics can be far-reaching. Concentration of wealth and power in the hands of a few can lead to widespread poverty and inequality. Manipulation of electoral processes can lead to violence, unrest, and instability. Economic interests can also lead to corruption, with politicians and officials being bought and sold. When economic interests dominate politics, governments become less accountable to their citizens.

It is essential to ensure that economic interests do not dominate politics, and that democratic institutions are strong enough to hold governments accountable. By prioritizing the needs and voices of citizens, democracy can be a powerful tool for promoting development and stability.