Martin Wolf on The Crisis of Democratic Capitalism

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Follow the link for the full summary: bcf.princeton.edu/events/mart...
On Thursday, December 7, Martin Wolf joined Markus’ Academy for a lecture on his book The Crisis of Democratic Capitalism. Wolf is the associate editor and chief economics commentator at the Financial Times.
Timestamps:
[00:00] Introduction
[8:00] The democratic recession
[28:36] How democratic capitalism was born
[50:59] Unhappy high income democracies
[1:06:36] Democratic capitalism in the world
A summary in four bullets
- Aristotle emphasized that sustaining a democracy requires a middle class that is economically independent, that is able to form their own views, and that recognizes that only together can it have an impact on society.
- Democratic capitalism requires a balance between the market economy and democracy. The two are often complementary. Both reject hereditary status, while the market ideals of reward for merit, free access to the labor market, limits by the rule of law complement the democratic ideals of free discussion and debate. Yet the two can also be in opposition: capitalism is cosmopolitan and generates inequality, while democracy is territorial and egalitarian.
- In recent decades the rise in inequality, deindustrialization and the financial crisis have atomized the working class, making them feel vulnerable, fostering anxieties of downward mobility, and weakening the perceived legitimacy of democracy.
- On a positive note, it seems that after seeing the instability and self-seeking behavior of populists voters realize it is not what they need. There are also some signs that oligarchs are beginning to realize that living in an autocratic world will be unpleasant also for them, even if taxes are lower.

Опубликовано:

19 июн 2024

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Комментарии : 8

@tedg1609 6 месяцев назад

Wonderful discussion. Thank you both 😊

@artoftheheart11011 Месяц назад

Did Mr. Wolf ever asked himself is innovatinon is exclusively possible in a capitalistic system of if Innovation occured all over history? The other question he maby didn‘t asked himself is what the radicalization of neoliberalism has to do with the rise of autoritarisnism and the decrease of democracy all over the world at latest since the last financial crisis in 2008. Fruther more the problem of the planetary overshot is just ignored, which can be more dangerous than the fall of democracy in long terms.

@marvinmulligan4531 5 месяцев назад

In 1988, Lester Thurow addressed the World Economic Forum in Davos: “GATT IS DEAD”. Thurow's message: “In an open world economy, everyone must be willing to live with…… if you are no more skilled than a Korean, have no more capital than a Korean, and work with no more technology than a Korean, then you will work for a Korean wage.” The nature of capitalism is Darwinian change with winners and losers. Any nation would benefit from Elon Musks who exponential add to national wealth. Yep, the Gini coefficient goes up but how fortunate for all, i. e. how do we share this income and wealthy broadly? If we measure the performance of Democratic Capitalism over the last two hundred years those of us lucky enough to live in the USA have been blessed both economically and politically. Compare and contrast the fate of those born on opposite sides of the Rio Grande River which separates Mexico from Texas. The losers in Thurow’s reality are the source of Trump’s appeal. Adults need to stand up, effective governments must find programs which re-engage those who have be displaced by the Darwinian change.

@marcomagrin7611 День назад

But if you look at Mexico, they have been developing too. There are winners and losers if you assume the size of the economy is a zero-sum entity. But it isn't, which is why the average global standard of living has improved drastically.

@surajitgoswami1871 6 месяцев назад

Horrible propaganda but what can one expect from the FT. Looks like he is relying totally on one source, namely, "Freedom" house. Instead consider the following: 1. India just had a state level election in five states. The voters kicked out the ruling party in all except in one state. In my opinion, the party which fielded candidates based mainly on past performance as opposed to loyalty to leader(s) won, including a win by the main opposition party in one of these elections for the same reason. 2. The large state (Madhya Pradesh - MP), where the incumbent party won, they had delivered a vast improvement in road networks, electricity and law and order. The improvement in law and order gave the ruling party a 10 percentage point advantage among women. 3. Young women call the Chief Minister of MP their maternal uncle (Mama-ji) and, in survey after survey (including those conducted by entities close to the opposition), the young women said they appreciated the improvement in law and order that now allows them to come back home after coaching classes, at 9pm just like the boys! Freedom house didn't tell him that, did they?

@georgewaters6424 6 месяцев назад

Nice to hear news from Indian "streets"! I presume these were BJP loses mainly, I have absolutely no idea really about Indian politics.

@MrRickytuk 2 месяца назад

Indeed, Martin has been an important shill for establishment for years To Martin, Democracy takes place in Davos where the elite agree upon the current direction. The handful of world leaders who oppose based on considerations toward their own citizenry are deemed populists and authoritarians.