The Crisis of Democratic Capitalism

By: Martin Wolf

Narrated by: John Lee

From the chief economics commentator of the Financial Times, a magnificent reckoning with how and why the marriage between democracy and capitalism is coming undone, and what can be done to reverse this terrifying dynamic

Martin Wolf has long been one of the wisest voices on global economic issues. He has rarely been called an optimist, yet he has never been as worried as he is today. Liberal democracy is in recession, and authoritarianism is on the rise. The ties that ought to bind open markets to free and fair elections are threatened, even in democracy’s heartlands, the United States and England.
Around the world, powerful voices argue that capitalism is better without democracy; others argue that democracy is better without capitalism. This book is a forceful rejoinder to both views. Even as it offers a deep, lucid assessment of why this marriage has grown so strained, it makes clear why a divorce of capitalism from democracy would be a calamity for the world. They need each other even if they find it hard to life together.
For all its flaws, argues Wolf, democratic capitalism remains far and away the best system for human flourishing. But something has gone seriously awry: the growth of prosperity has slowed, and the division of its fruits between the hypersuccessful few and the rest has become more unequal. The plutocrats have retreated to their bastions, where they pour scorn on government’s ability to invest in the public goods needed to foster opportunity and sustainability. But the incoming flood of autocracy will rise to overwhelm them, too, in the end.
Citizenship is not just a slogan or a romantic idea; it’s the only idea that can save us, Wolf argues. Nothing has ever harmonized political and economic freedom better than a shared faith in the common good.
This wise and rigorously fact-based exploration of the epic story of the dynamic between democracy and capitalism concludes with the lesson that our ideals and our interests not only should align, but must do so, for everyone’s sake. Democracy itself is now at stake.


* This audiobook edition includes a downloadable PDF that contains graphs and charts from the book.

Great narration, though the book could be shorter

All in all it’s a good read (good listen), but it feels like from a book of such a size one would expect little more content, or that the same ideas could have been expressed in a more succinct manner. Still, many thoughts in this book resonate with the idea that the world has changed and liberal democracies are facing new challenges which have to be acknowledged and addressed properly and quite soon at the danger to their own existence.

Simple yet frustrating

We need an inspirational leader to map out a new new deal and save America.

Well Done

Very sophisticated arguments, you must take your time to truly consume the book. Do not rush and try to digest all of Mr. Wolf’s arguments with patience. Overall, it leaves you with a call to action and desire to make a change in our current “democratic recession.” I would highly recommend this book to economists, as the language is suited for that audience.

Brilliant, Timely, Profound, & Lucid

An account of the threats & remedies for our economies & polities. Decay in both has been a vicious cycle. Our response to succeed has to address both as well & and become a virtuous cycle.

Very important book

Clear description of the challenges the West faces so this book should be taken seriously