Abstract

In my paper I attempt to show that the market is an effective decision-making mechanism in a modern democracy. On the other hand, in a contemporary democratic society, the state must have a limited role, only on the formation of the collective choice through the majority rule. The majority rule is required for the proper functioning of social organization, with the voting mechanism within a framework of strict limitations imposed by individuals with high-level constitutional backing for the effective protection of the individual rights.

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