Democratic Capitalism is an Oxymoron

Larry Kudlow ponders the death of Democratic Capitalism at Newsmax.com (http://tinyurl.com/cprfqa). This begs the question: What is Democratic Capitalism?

If it is meant, as Kudlow apparently intends, to be a form of political-economic system, the term is a complete oxymoron. Democracy is a political system of mob rule. Whoever has the most votes, wins. Under pure Democracy, there are no limits to what the majority mob can do. It is for this reason that the founders of the United States created a Constitutional Republic and not a Democracy. The founders knew the evils of unrestrained Democracy and created a constitution which protects (with some imperfections) individual rights.

Capitalism is the economic system which protects personal property rights -- the individual owns the means of production and each individual determines how they will dispose of the fruits of their production. (Fascism allows private ownership of the means of production but government control of the fruits of production. Socialism has government control of the means of production.) So, what does it mean to have the means of production or the fruits of production subject to the will of the majority? It certainly cannot mean that the property rights of production or its bounty is 100% protected as the property, by right, of the owner. After all, the majority can simply pass a law to seize any portion of that property up to and including complete expropriation and to put the property to any use that it wills.

I'm sure many would consider Mr. Kudlow a conservative. What he wishes to accomplish by using an oxymoronic term is not clear in the article as its theme is that Obama is destroying the capitalism aspect of the U.S.'s mixed economy. However, there can be only one explanation: He uses the term because he wishes to retain the escape clause that whenever laissez-faire capitalism has results that he does not like, that he can rally the support of a majority of the citizenry to violate someone's property rights to affect an outcome that would not otherwise be earned nor deserved.