Lecture Notes on Aristotle's Politics and Modern Implications

Introduction

• Aristotle's politics forms the foundation for subsequent political theory.
• Assumed democracy as fully participatory, aiming for the common good.
• Democracy equated to a welfare state ensuring prosperity for the poor and relative equality.

Aristotle's View on Democracy

• A perfect democracy requires elimination of poverty to avoid extreme wealth disparities.
• Without ensuring prosperity, real democracy cannot be discussed seriously.
• Aristotle warned that poverty in a democracy could lead to the poor taking wealth from the rich.

Historical Perspective

• Ideas of wealth distribution and democracy have historical roots through Enlightenment and liberalism figures like Tocqueville, Adam Smith, Jefferson.

James Madison's Perspective

• Madison saw similar issues but chose to eliminate democracy to protect the wealthy.
• Madison explicitly stated the goal of protecting the wealthy minority against the majority of poor.
• Predicted increasing inequalities would lead the poor to seek equitable distribution.

System Design to Limit Democracy

• Madison designed a system ensuring power remains with the wealthy and the poor remain marginalized.
• Property rights contrasted with free speech rights - property rights involve exclusivity.

Ongoing Issues with Democracy and Wealth

• Large inequities threaten democracy as the poor may use their rights to change the status quo.
• Eliminating poverty was Aristotle's solution; limiting democracy was Madison's.
• Current global systems mirror early 20th century with globalization and corporate power.

Globalization and Corporate Power

• Globalization seen not as inevitable but a product of public policy.
• Financial flows and telecommunications have changed global power dynamics.

Public Control and Corporate Power

• Many economic systems are under public control, including transnational corporations.
• Corporations rely heavily on public subsidy, questioning their legitimacy and role.

Resistance and Change

• A vast majority believe corporations should prioritize community and worker benefits over profits.
• Public sentiment could shift from expecting benevolent autocrats to questioning autocratic structures.
• Historical movements suggest a shift towards questioning the legitimacy of corporate rule.

Conclusion

• Public opinion and historical precedent suggest potential for significant change in addressing inequalities and democratic functions.
• The debate continues on the balance between democracy, corporate power, and public control.