The Impact of Commercialized Democracy

Abstract

The present article aims to show the effects that the coalescence of liberal democracy and globalisation has on the law as a social institution. The law as a social institution is one of the key foundations for the social integration of modern society, which is why we may suggest a reasonable assumption that the role of the law in modern Western societies should be growing in significance. However, the coalescence of liberal democracy and globalisation is a consequence of the evolution of modern Western civilisation and the main context of its further development that gives feedback to the very development process. The analysis of the crisis of the financial capital makes us question the previous assumption because the essence of the law as a social institution lies not in its legal regulation but in its self-regulation that should increase the society’s trust in different institutions, including the financial capital. The present research makes an attempt to answer the following questions: 1) what is the traditional role of the relationship between society and the law as a social institution? 2) what are the most important social consequences of the coalescence of liberal democracy and globalisation? 3) what is the significance of the legal culture under the circumstances of the coalescence of liberal democracy and globalisation? These questions have determined the structure of this paper.