Can Democracy Survive Global Capitalism?

In the years following World War II, a balance between market and polity existed, but this balance has shifted since the 1970s, leading to inequality, disheartened voters, and the rise of far-right, faux populism. Robert Kuttner explores the events that led to the post-war miracle and its dissolution, questioning whether this poisonous alliance is inevitable and whether democracy can survive.

\n Format: Hardback
\n Length: 384 pages
\n Publication date: 11 May 2018
\n Publisher: WW Norton & Co
\n

In the years preceding the Second World War, a remarkable convergence of circumstances brought about a harmonious equilibrium between the market and the polity, striking a delicate balance between the driving force of capitalism and the egalitarian principles of democracy. However, a significant shift occurred in the 1970s, marked by the rollback of financial regulations, tax cuts, and the exacerbation of inequality, which disheartened voters and led them to embrace far-right, faux populism.

Robert Kuttner meticulously examines the events that shaped the post-war miracle and traces its gradual unraveling, culminating in the rise of figures like Trump, Brexit, and the precarious state of the EU. He raises crucial questions about whether the current toxic alliance of reckless finance and ultra-nationalism is inevitable, and whether democracy has the potential to endure.

Kuttner delves into the historical context, examining the policies and decisions that led to the post-war economic boom and the establishment of social welfare programs. He highlights the role of institutions such as the Bretton Woods system, the Marshall Plan, and the European Union in fostering stability and prosperity. However, as time passed, these institutions began to erode, and the balance between the market and the polity began to shift.

Kuttner argues that the rollback of financial regulations in the 1970s, coupled with the rise of deregulation and globalization, created an environment that favored the wealthy and powerful. Tax cuts, particularly for corporations and the super-rich, further exacerbated income inequality, leading to a growing sense of disillusionment among the general public. The rise of populist movements, such as Brexit and the Trump administration, was a response to this growing dissatisfaction, as voters sought to reclaim control from the establishment and restore a sense of national identity.

Kuttner raises concerns about the consequences of this power shift. He argues that the unchecked pursuit of financial profits can lead to instability and economic crises, as seen in the global financial crisis of 2008. Moreover, the rise of ultra-nationalism and xenophobia threatens the values of democracy and human rights, as it promotes a sense of superiority and exclusivity based on national identity.

Kuttner suggests that there are ways to mitigate the risks posed by this toxic alliance. He advocates for stronger financial regulations to prevent another financial crisis and promote stability. He also emphasizes the importance of social welfare programs and education to address income inequality and promote social mobility. Additionally, Kuttner calls for a renewed commitment to democratic values, including the protection of human rights, the rule of law, and the independence of the media.

In conclusion, Robert Kuttner's book provides a comprehensive analysis of the events that led to the post-war miracle and its dissolution. He raises important questions about the future of democracy and the risks posed by the toxic alliance of reckless finance and ultra-nationalism. By examining the historical context and advocating for policies that promote stability, equality, and democratic values, Kuttner offers a roadmap for a more prosperous and democratic future.

\n Weight: 696g\n
Dimension: 164 x 242 x 31 (mm)\n
ISBN-13: 9780393609936\n \n