Democratic Capitalism at the Crossroads: Technological Change and the Future of Politics

The book explores the history of the relationship between democracy and capitalism, tracing the three defining stages of capitalism and examining how they have evolved over time. It argues that while democratic capitalism has been successful in the past, it is now facing challenges due to polarization, income inequality, and the rise of populism. The book proposes policy solutions to help harness the forces of capitalism to preserve democracy and meet the challenges of the future.

Format: Paperback / softback
Length: 272 pages
Publication date: 04 May 2021
Publisher: Princeton University Press

The twentieth century saw the rise of democratic capitalism in the industrialized West, with widespread support for free markets and representative elections. However, this political consensus is now breaking down due to polarization, income inequality, dissatisfaction with democratic institutions, and the rise of populism. Tracing the history of democratic capitalism over the past two centuries, Carles Boix explores how we got to this point and where we could be headed.

Boix looks at three defining stages of capitalism, each originating in a distinct time and place with its own political challenges, economic structures, and relationships with democracy. He begins in nineteenth-century Manchester, where factory owners employed unskilled laborers at low wages, leading to rampant inequality and a restrictive electoral franchise. He then moves to Detroit in the early 1900s, where the invention of the modern assembly line shifted labor demand to skilled blue-collar workers. Boix shows how growing wages, declining inequality, and an expanding middle class enabled democratic capitalism to flourish.

However, today, the information revolution that began in Silicon Valley in the 1970s is benefiting the highly educated at the expense of the traditional working class, jobs are going offshore, and inequality has risen sharply, making many wonder whether democracy and capitalism are still compatible.

In his book, Democratic Capitalism at the Crossroads, Boix proposes sensible policy solutions that can help harness the unruly forces of capitalism to preserve democracy and meet the challenges that lie ahead. He argues that we need to focus on promoting economic growth and job creation, while also addressing income inequality and promoting social mobility. He also suggests that we need to strengthen democratic institutions and promote greater political participation and engagement.

Overall, Democratic Capitalism at the Crossroads is an important and timely book that provides a comprehensive history of democratic capitalism and offers practical solutions for navigating the uncertain future. It is essential reading for anyone interested in understanding the relationship between democracy and capitalism and the challenges that we face in the 21st century.

Weight: 284g
Dimension: 139 x 214 x 20 (mm)
ISBN-13: 9780691216898