The Crisis of Democratic Capitalism

The relationship between democracy and capitalism is coming undone, according to Martin Wolf, author of The Shifts and the Shocks. He argues that for all its recent failings, democratic capitalism remains the best system for human flourishing and that capitalism and democracy need each other to thrive.

Format: Paperback / softback
Length: 496 pages
Publication date: 01 February 2024
Publisher: Penguin Books Ltd

From the author of The Shifts and the Shocks, and one of the most influential writers on economics, comes a profound exploration of the unraveling relationship between democracy and capitalism. In a world where economic failures have shaken faith in global capitalism, and political failings have eroded trust in liberal democracy and the concept of truth, the ties that should bind open markets to free and fair elections are strained and rejected, even in the heartlands of democracy.

Democratic capitalism, which relies on the separation of power from wealth, is facing a crisis worldwide. Some argue that capitalism is better off without democracy, while others believe that democracy is better off without capitalism. This book offers a forceful response to both perspectives. It delves into the complexities of the marriage between capitalism and democracy, while emphasizing that a divorce would be an almost unimaginable calamity.

Martin Wolf, a renowned public voice on global affairs, argues that, despite its recent shortcomings, democratic capitalism remains the best system we know for human flourishing. He acknowledges the challenges it faces, such as slowing growth, increasing inequality, and widespread popular disillusionment, but believes that it is inherently fragile. Capitalism and democracy, Wolf argues, are complementary opposites; they need each other to thrive.

Through his superb exploration of their marriage, Wolf demonstrates how citizenship and a shared faith in the common good are not mere romantic slogans but the essential foundations of our economic and political freedom. He shows how the interplay between these two forces has shaped the world we live in today and how they can continue to work together for the betterment of all.

This book is a must-read for anyone interested in understanding the dynamics of contemporary politics and economics. It offers a nuanced and insightful analysis of the complex relationship between democracy and capitalism, and provides valuable insights into the future of our global society.

Weight: 340g
Dimension: 128 x 198 x 23 (mm)
ISBN-13: 9780141985831