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
Depressingly accurate—especially about how much easier (safer, almost) it is to hate than to hope.
Certainly safer if one is among a sea of those ruled by spite, though betrayed optimism is also a pathway to unthinking rage…
Todd, Marx dissected capitalism and exposed its chief flaws. We’re living with the results…
Deb, we are seeing a lot of hate lately. The ICE torments of immigrants (and elected officials) is just one example. Worse, the threat of entering another Middle East war lurks within Trump’s Two Week timetable.
I am a fan of capitolism, but capitolism extremus lacks the moral underpinning that makes it work for society in general. Self-centered narcissists are quick to take advantage with their despicable “he who dies with the most toys, wins” philosophy. Sadly, that’s where we are now.
Well, also we have to have, to end up with less an empty suit so much as suit filled with offal as Drumpf, for those who know what kind of jackass (to be kind) he is to Not bother to vote, presumably since his opponents seem too often simply less insane versions of similar corruption. I don’t expect to ever reach that stage of subdued despair, but I’d say a whole lot of disappointed/disgusted Democratic and other less knee-jerking voters did, by not voting, and allowing Drumpf to roll back in with relatively small amounts of the electorate. A shallowly-acting Harris is still better than a malignant narcissist career criminal, as might’ve been obvious to at least some of those who didn’t bother.
Todd, in a few days we’ll find out what Stephen Miller can talk Trump into regarding Iran. Miller is the puppeteer of this Administration.
I gather Word Has Been Passed Around that Miller is Leading Drumpf to Water; as this bruited, Drumpfy won’t let his ego be insulted thus, and he might just fire Miller. I’m sure he can find someone else with a similar worldview to latch onto.
Todd, Stephen Miller–like Steve Bannon in the first Trump Administration–holds sway now. But, as you say, Trump is moody and many replace Miller–or any other minion on a whim.
Jerry, I’m a fan of capitalism, too. But one of capitalism’s flaws is that it feeds the greed of the Rich. The Big Beautiful Bill is just the latest example of that.
Trump and his followers are proponents of the “it’s our world to do what we want with it, so fuck the future ” philosophy. The Republicans in Congress are cutting money from the very successful wind and solar energy projects and trying to force everyone to drill for more oil and return to coal mines. You cannot go back to the bad old days. These people, despite lip service, clearly do NOT give a shit about their children and grandchildren, let alone the rest of us.
To quote the late Bill Crider, “We’re doomed, doomed.”
To quote Jackie, “I’m glad we’re old.”
Idiocracy rules.
Though, again, with a bit less throwing up the hands on the part of the saner potential voters, it doesn’t have to. We could wait till All the Democrats and their allies choose to do their jobs properly rather than conveniently, and I certainly don’t endorse blind faith in them, but allowing the Drumpster fools to have their way unchallenged teaches No One a lesson…corpses have steep learning curves.
Todd, “corpses have steep learning curves” indeed…
Jeff, Trump and the MAGA movement are trying to turn back the clock. But, they are the ones who are doomed as the Economy, Artificial Intelligence, and Climate Change devastate them.
I barely squeaked through a C in Economics 101 in college, but even so, I can’t believe that a roller-coaster Wall Street driven by Trump’s desire to further enrich himself and his family thru opportunism, cronyism, and cryptocurrency scams is a good thing for the rest of us. The debacles of Bush I’s S&L collapse and Bush II’s “too big to fail” will pale in comparison with the great Trump Catastrophe that surely lies ahead. Unfortunately, I can’t pin much hope on the chance that 2026 midterm gains for the Dems will improve matters, and even less on the dispiriting prospect of a 2028 primary race between Harris, Buttigieg, Newsom, Shapiro, Walz, and Bernie, none of them likely to fire up voters.
Fred, P. T. Barnum said it best: “There’s a sucker born every minute.” Trump and his minions are getting rich from bogus crypto, selling Bibles, and now, gold cell phones. At the same time, America is sinking fast…
There ought to be a special place in Hell for economists!
Sad that people in the streets seem more effective than our elected officials lately. Wringing your hands is not enough.
Patti, I agree. Talk is cheap and political talk is as empty as the tin can pols love to kick down the Road!