The Crisis of Democratic Capitalism

The Crisis of Democratic Capitalism by Martin Wolf is a powerful and timely exploration of the unraveling marriage between democracy and capitalism. Wolf, a renowned economics commentator, delves into the reasons behind the current recession of liberal democracy and the rise of authoritarianism. In a world where some argue for capitalism without democracy and others for democracy without capitalism, Wolf argues that both are essential for human flourishing. Despite its flaws, democratic capitalism remains the best system, but it has gone astray with slowed prosperity and increasing inequality. The plutocrats have retreated to their privileged enclaves, dismissing government's role in fostering opportunity and sustainability. However, the rise of autocracy will eventually threaten even the plutocrats. Wolf emphasizes that citizenship is not just a slogan, but the key to salvation. This thought-provoking book concludes with the urgent message that our ideals and interests must align, as democracy itself is now at stake.