The Crisis of Democratic Capitalism
by Martin Wolf
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Renowned author Walter Isaacson chats with Martin Wolf about the rise of autocratic governments in both developed and developing countries, the possible future of China (which Wolf deems “not a threat”), and how the system, at least in the U.S., is “rigged” to favor the wealthy via tax breaks and loopholes. The author warns that if the “elite” are “in it only for themselves,” we are facing a dark future. He says that capitalism must be available to all, in part to avoid the rise of populist governments.
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The author warns that the economic system as it is in many countries but particularly the U.S. is not satisfactory for the largest sector of the population, leaving them unhappy with both the way their lives are going and with the way their countries are being governed. This leads to disillusionment, skepticism, and causes the population to entrust their future to “scoundrels and worse” who then, in a vicious circle, exacerbate the problem and leave the population even angrier than before.
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Author gives seminar at King’s Business School in London
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The author notes that economic policies have become more about “sharing out losses compared to expectations.” That is, a small sector of society enjoys the gains while a larger sector takes the brunt of crises and problems. He says that most households in developed countries have flat or falling incomes, which makes people “miserable.” Regarding democracy, we have large populations that blame their leaders for this misery and are vulnerable to falling prey to populist leaders like Donald Trump.
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The author notes that a democracy must satisfy the wishes and desires of the majority of the population and that a market economy must generate benefits for that wide sector, making society as a whole more prosperous. When one sector of the population does much better than the rest, resentment is generated and problems ensue. He says that slowing growth in developing countries like India must be addressed, that core institutions such as the legal system must not only be preserved but made to work better and better.
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