
Martin Wolf, associate editor of the Financial Times, finds plenty to worry about in The Crisis of Democratic Capitalism. Wolf sees Trump and the wacky Right Wing as symptoms of underlying Democratic Capitalism. “…the appeal of right-wing populism to devotion to an idealized nation and a ‘great leader’ supplies a large mass of the people with what democracy cannot: relief from the burden of thinking for themselves in return for absolute loyalty to the leader. …it is going to win. It is far more successful than left-wing populism, because it feeds off fear and anger, while the left promises hope. …Hope requires trust. Fear does not: it just requires an enemy.” (p. 214)
Along with a brilliant economic analysis of our current problems, Wolf points out that climate change will affect all governments and all politics. No one can escape its effects. But, not much is being done to mitigate the problem which will be getting much worse in the years ahead.
“The marriage of liberal democracy with market capitalism is the most successful system in the history of the world. But liberal democrat is vulnerable to the selfishness of elites and ambitions of would-be despots. Historically, democratic republics have been exceptions. The normal human political patterns have been plutocracy or tyranny. The latter always waits in the wings. In todays world, tyrannies–demagogric and bureaucratic–are not just in the wings, but on the march.” (p. 375)
As the war in Ukraine and the possible invasion of Taiwan demonstrates, crises stress our global responsibilities. Wolf sets out an action agenda to address these matters, but warns the political will to solve these crises is currently lacking. If you’re interested in the present state of our fragile democratic and economic system, The Crisis of Democratic Capitalism will enlighten…and alarm you. GRADE: A
- Table of Contents
- Preface: Why I Wrote This Book — xiii
- Chapter One: The Fire This Time — 1
- Part I: On Capitalism and Democracy
- Prologue to Part I — 11
- Chapter Two: Symbiotic Twins: Politics and Economics in Human History — 13
- Chapter Three: The Evolution of Democratic Capitalism — 40
- Part II: What Went Wrong
- Prologue to Part II — 81
- Chapter Four: It’s the Economy, Stupid — 83
- Chapter Five: Rise of Rentier Capitalism — 118
- Chapter Six: Perils of Populism — 175
- Part III: Renewing Democratic Capitalism
- Prologue to Part III — 217
- Chapter Seven: Renewing Capitalism — 221
- Chapter Eight: Toward a “New” New Deal — 283
- Chapter Nine: Renewing Democracy –311
- Part IV: A Hinge of History
- Prologue to Part IV — 347
- Chapter Ten: Democratic Capitalism in the World — 349
- Conclusion: Restoring Citizenship — 371
- Acknowledgments — 383
- Notes — 387
- Bibliography — 427
- Index — 457


















