This article discusses the normative relation of two concepts: capitalism and democracy. The background for this discussion is the philosophical theory of value. We argue that both capitalism and democracy do not only have instrumental, but final value. However, while the realization of the final value of capitalism requires political control, the final value of democracy has intrinsic sources. This gives priority to the concept of democracy and defines a normative boundary for the co-existence of capitalism and democracy. In a second step, we analyze which of the real-world types of capitalism do not constitute impediments to the normative value of democracy. Finally, we briefly sketch the challenging changes to the relation of capitalism and democracy in the post-national constellation.