FromthechiefeconomicscommentatoroftheFinancialTimes,amagnificentreckoningwithhowandwhythemarriagebetweendemocracyandcapitalismiscomingundone,andwhatcanbedonetoreversethisterrifyingdynamicMartinWolfhaslongbeenoneofthewisestvoicesonglobaleconomicissues.Hehasrarelybeencalledanoptimist,yethehasneverbeenasworriedasheistoday.Liberaldemocracyisinrecession,andauthoritarianismisontherise.Thetiesthatoughttobindopenmarketstofreeandfairelectionsarethreatened,evenindemocracy’sheartlands,theUnitedStatesandEngland.Aroundtheworld,powerfulvoicesarguethatcapitalismisbetterwithoutdemocracy;othersarguethatdemocracyisbetterwithoutcapitalism.Thisbookisaforcefulrejoindertobothviews.Evenasitoffersadeep,lucidassessmentofwhythismarriagehasgrownsostrained,itmakesclearwhyadivorceofcapitalismfromdemocracywouldbeacalamityfortheworld.Theyneedeachothereveniftheyfindithardtolifetogether.Forallitsflaws,arguesWolf,democraticcapitalismremainsfarandawaythebestsystemforhumanflourishing.Butsomethinghasgoneseriouslyawry:thegrowthofprosperityhasslowed,andthedivisionofitsfruitsbetweenthehypersuccessfulfewandtheresthasbecomemoreunequal.Theplutocratshaveretreatedtotheirbastions,wheretheypourscornongovernment’sabilitytoinvestinthepublicgoodsneededtofosteropportunityandsustainability.Buttheincomingfloodofautocracywillrisetooverwhelmthem,too,intheend.Citizenshipisnotjustasloganoraromanticidea;it’stheonlyideathatcansaveus,Wolfargues.Nothinghaseverharmonizedpoliticalandeconomicfreedombetterthanasharedfaithinthecommongood.Thiswiseandrigorouslyfact-basedexplorationoftheepicstoryofthedynamicbetweendemocracyandcapitalismconcludeswiththelessonthatouridealsandourinterestsnotonlyshouldalign,butmustdoso,foreveryone’ssake.Democracyitselfisnowatstake.
