This kind of financial system is the most democracy-friendly out of the rest. There has been no case where there has been democracy in a non-capitalistic system. Actually, in countries where non-capitalistic systems are implemented, such as in Cuba, North Korea or Nicaragua, there is also a lack of democracy.
Now, one could question the exact and rooted explanation for this rather than just assuming a direct correlation. Is it a cause or effect? How indirectly does one affect the other? Could another factor be at play?
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Written using ideas and inspiration from a "brand eins" magazine edition
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