This paper deals with McPherson’s critical approach to theory of liberal democracy, his reconstruction of the theory and its critique. While arguing in confirmation of basing this theory upon two maximal claims (claim of maximizing individual interest, and claim of maximizing individual power) or indeed upon two concepts of human nature (the concept of human nature as consumer in possession of unknown boundary, and the concept of human nature as developer and user of his/her human potentials), McPherson emphasizes the contradiction (illogical nature) of these two claims or two concepts of human nature. He believes that the liberal democracy theory cannot meet its second claim, which is the basis of any theory on democracy. Hence, the paper first describes McPherson’s argument in this respect and then explains the characteristics of his reconstruction, which is founded upon the rejection of market concept of human nature. Critiquing McPherson’s critical approach, the paper at last points to the most important factor that reduces his critique power of the concept of monopolistic individualism.
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