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Property-Owning Democracy
A property-owning democracy is a social system whereby state institutions enable a fair distribution of productive property across the populous generally, rather than allowing monopolies to form and dominate. This intends to ensure that all individuals have a fair and equal opportunity to participate in the market. Such a system is necessary to break the constraints of welfare-state capitalism and manifest a cooperation of citizens, who each hold equal political power and potential for economic advancement. This form of societal organisation was popularised by John Rawls, as the most effective structure amongst four other competing systems: laissez-faire capitalism, welfare-state capitalism, state socialism with a command economy and liberal socialism. The idea of a property-owning democracy is somewhat foreign in Western political philosophy, despite issues of political disenfranchisement emerging concurrent to the accelerating inequality of wealth and capital ownership over the past four decades.