Thus inequities in the economic and social system may soon undermine whatever political equality might have existed under fortunate historical conditions. Political power rapidly accumulates and becomes unequal and making use of the coercive apparatus of the state and its law, those who gain the advantage can often assure themselves of a favored position. Moreover, the effects of injustices in the political system are much more grave and long lasting than market imperfections. Essentially the fault lies in the fact that the democratic political process is at best regulated rivalry it does not even in theory have the desirable properties that price theory ascribes to truly competitive markets. Public resources have not been devoted to maintaining the institutions required for the fair value of political liberty.
Disparities in the distribution of property and wealth that far exceed what is compatible with political equality have generally been tolerated by the legal system. The necessary corrective steps have not been taken, indeed, they never seem to have been seriously entertained.
“Historically one of the main defects of constitutional government has been the failure to insure the fair value of political liberty.
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