Democratic capitalism in peril?

Shankar Acharya

From my vantage point as chief economics commentator in London financial Times Over the past three decades, Martin Wolf has educated and excited a global audience with his top-quality op-eds on economic development in the world, the United States, Europe, the UK and large emerging countries. He has arguably been the best commentator in the English language on such matters. In the past 20 years he has written three important books, one on globalization and two on the North Atlantic Financial Crisis (NAFC) of 2007–10 and its aftermath. He has now published an interesting treatise on democracy and capitalism (crisis of democratic capitalism, Alan Lane, 2023). It reflects extensive research, deep thought and vast experience. It is also written very well and with passion. Though clearly framed from the perspective of high-income “Western” democracies, his scathing warnings and prescriptions for the maladies diagnosed have mostly universal relevance.

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