Relation between liberal economy and democracy

In the first part of our study, some evaluations regarding the relationship between liberal values and democracy were assessed. We have tried to analyse the compromising and exclusive properties of liberal values with democracy. The negative independence that liberal thinking defends as well as possible harmonies between the traditional and deontological democracy explanations of individualistic thought have been indicated. Moreover, it has been defended that the procedural justice conception that the liberal thinking defends is not a sustainable policy for the democratic governments and it is necessary for the governments to follow revenue increasing policies of the general public as well. It has been discussed whether free market, democratic participation and neo-liberal policies which have been carried out after 1980 period have created convenient conditions for the democratic politics or not.In the second chapter of the study, the importance of different explanation and of perception of capitalism on democratic theories has been mentioned. It has been defended by liberal thinkers that there is a relation between capitalism and independence. By criticising this liberal thought in accordance with approaches such as dependence, underdevelopment and world system theory, the relationship between the emergence of democratic structures and the world economical systems has been evaluated. The colonial history, one of the pillars of capitalism, the existence of modern democratic states, the increase in production and Industrial Revolution, the relationship between the consumption society and democracy have also been discussed.In the third chapter, the relationship between the traditional and modern meanings of democracy and liberal economy have been discussed. The possible tense areas between popular sovereignty and independence understanding based on market have been tried to be determined. Also, the compatibility between democracy and liberal values during the transition period from general equality explanation to political equality explanation has been discussed.Key Words: Capitalism, liberalism,freedom, equality, limited government market, constitutionalism, democracy, liberal individualism, colonial past, bourgeois