The Crisis of Democratic Capitalism

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From the chief economics commentator of the Financial Times comes a profound examination of the unraveling relationship between democracy and capitalism worldwide, along with potential solutions to this alarming trend. Martin Wolf, a respected voice in global economic discourse, expresses unprecedented concern over the current state of liberal democracy, which is in decline while authoritarianism rises. The essential connection between open markets and fair elections is under strain, even in traditional strongholds like America and England. Competing narratives suggest that capitalism thrives without democracy, or that democracy can function independently of capitalism. This book challenges both perspectives, emphasizing that a split between the two would be disastrous. Despite its flaws, democratic capitalism is portrayed as the most effective system for human flourishing, yet it faces significant challenges: economic growth has slowed, and wealth distribution has become increasingly unequal. Oligarchs have distanced themselves from government, undermining public investment in essential services. Wolf argues that citizenship is crucial for revitalizing this relationship, asserting that true political and economic freedom is rooted in a commitment to the common good. This insightful exploration underscores the necessity for our ideals and interests to align for the benefit of all.