To me, at a theoretical level, there is no essential connection (and 
indeed a tension or possible conflict) between 'capitalism' and 
democracy in Friedman and other strong 'laissez-faire' economist: 
the Friedmanites favor 'free markets,' private property rights, etc., 
and they favor those things regardless of the democratic wishes of 
the people.

Conversely, democrats (admittedly, there is also a wide range here) 
favor the right to vote, the right to free speech & assembly, and 
then the rule of the people -- by a majority.  So democrats would be 
willing to modify Friedmanite markets and property rights (e.g., 
they'd be willing to tax or to regulate) in order to produce social 
results, such as health care, education, etc., and to protect 
individuals (and, apparently, capitalism) by e.g. regulating the 
terms under which mortgages can be granted . . . .


Peter G. Stillman