the problem isnt democratic messaging its that the u s is no longer a democracy

Capital markets depend on the rule of law and democracy. A free market that is balanced by a government that is democratically elected, open, and able to do its job, as well as a strong civil society, is called “an inclusive regime.” It leads to stable growth rates and more social welfare. [2] On the other hand, threats to democracy are threats to the private sector, which is why business leaders and institutional investors cannot afford to stay on the sidelines when such threats arise.

This paper looks at the state of American democracy and asks if it is a systemic risk that affects fiduciary duties. The paper proceeds in three parts. In the first, we look at the question of whether American democracy is getting worse and argue that it is. In the second, we will look at whether a failure of democracy is a systemic risk and come to the conclusion that it is. In the third part, we give some early ideas about what steps major private sector actors may take as part of their fiduciary responsibilities, given the threats to U.S. democracy and markets.

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