Capitalism has functioned comfortably under non-democratic regimes: colonial empires, authoritarian states, monarchies, military dictatorships, and apartheid governments all operated capitalist economies without democratic governance. Conversely, democratic mechanisms—elections, legislatures, courts—do not inherently dictate how economic power is distributed. A society can hold elections while tolerating extreme inequality, labor exploitation, and concentrated ownership.
This distinction matters because economic systems can undermine governing systems.
When wealth is allowed to accumulate without constraint, it converts into political power—through lobbying, campaign finance, media ownership, regulatory capture, and agenda-setting. At that point, democracy becomes procedural rather than substantive: citizens may still vote, but meaningful choices narrow as economic power preselects outcomes. The governing system remains nominally democratic while its capacity to govern in the public interest erodes.
In other words, capitalism does not equal democracy.
Nor does democracy require capitalism in its current form.
https://www.laprogressive.com/democracy/capitalism-as-freedom-socialism-as-threat-really