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.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2023 Martin Wolf (P)2023 Penguin Audio

Critic reviews

“[A] highly informed and intelligent critique of the global economy.” —Louis Menand, The New Yorker

“Martin Wolf—the accomplished, levelheaded chief economics commentator at the Financial Times, and first-name-basis-friendly affiliate of the world’s leading finance ministers and central bankers—is not kidding around. His new book . . . is steeped in an uncommonly clear-eyed awareness about the fragility of civilization . . . The Crisis of Democratic Capitalism is an essential read for its articulation of the perilous crossroads at which the future of enlightened liberal civilization now stands . . . A tour de force.” —Los Angeles Review of Books

“Among business and financial journalists, there has never been a doubt that Martin Wolf is at the top of our heap. Over a career that now spans 35 years, there is nobody better read, better sourced or more insightful than the longtime economic commentator for the Financial Times. Wolf is the first person you turn to during a financial crisis, a thoughtful and generous colleague and the gold standard against which the rest of us are judged . . . Unlike many progressives, Wolf’s battle cry is not to tear down institutions and topple those who run them. Rather, it is to demand that his fellow elitists make good on the responsibility that goes with their privilege.” —The Washington Post

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.

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.

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

Pro-market enthusiast grappling with reality

I imagine Martin Wolf must feel like a nineteen century doctor who spend his life ridiculing Semmelweis' handwashing practices only to realize late in life he had in fact been killing the patients he'd thought to help by ignoring what was clear and obvious. He gives a bit of exposition on the benefits capitalism and democracy. After, the book dives into the consequences several decades of embracing unabashed capitalism has caused our world, including corrupting the democratic foundational it's set upon. I can't help but feel pessimistic on reading his conclusions, his solutions are underwhelming and separate power from money with a childish naivety. Perhaps a little late to the party, but still worth reading for the perspective of someone who spent a life in broadly pro-market journalism. It's saying something that Martin Wolf is advocating significant regulations at nearly all levels. However, look elsewhere for forward looking solutions on the current state of capitalism and democracy.

His writing gets very academic at points, the sort of work that takes a paragraph to define a word so he could correctly use it in the following page - accurate to the point of being pedantic, but maybe necessary in such a book.

One note regarding the audiobook: the various recitations of information are extremely difficult to digest when listening. There is generally a helpful summary after on his intent behind these enumerations, but I wish I had decided to buying the paper copy instead.

A wholistic approach

Well-said, evidenced-based, balanced approach (individual vs social, democracy vs laws n ethics, elites vs the masses, freedom of business vs state role, economics and politics, etc.)

Rambling and muddled.

This book was a major disappointment to me. I feel that severe income inequality and.the use of our legal system to favor the rich and powerful has created a potentially fatal flaw in our capitalist system. I was hoping this author would suggest a solution to those issues. If it was there, I missed it. The language was overly complex, striving to be eloquent instead of clear.