The Crisis of Democratic Capitalism
By Martin Wolf
Published by Allen Lane, 2023, £11.95pbk
“Democratic capitalism” is in crisis, warns Martin Wolf, chief economics commentator at the Financial Times, in his new book. Such is the severity of this malaise its very survival is in question. SEAN FIGG looks at the arguments.
Martin Wolf confirms early on that his oxymoronic “democratic capitalism” is shorthand for “free-market capitalism”, in which “markets, competition, private economic initiative, and private property” are central. With the economy secured from genuine democratic control by these economic ‘capitalist first principles’, the ‘democracy’ Wolf fears for is the existing parliamentary and presidential systems in Europe and North America, that he calls “liberal democracy”, based on “universal suffrage” and “representative democracy”.
Read more
