The Crisis of Democratic Capitalism

Democracy and capitalism are the political and economic 'operating systems' of today's high-income democracies. But how stable is the relationship between them? The answer is 'not very', since it requires a separation of power from wealth inconsistent with almost all historical experience. In his new book, The Crisis of Democratic Capitalism, Martin Wolf argues that this complex system can best be described as a marriage of 'complementary opposites'. The book analyses how this marriage happened, why it is fragile and how economic and political changes have undermined it. It concludes by asking what needs to be done in response to developments that threaten the survival of liberal democracy itself.