Democratic capitalism is running on fumes

The ‘marriage’ of democracy and capitalism is falling apart, allowing vulture-like populists to feed on public discontent, says economist Martin Wolf in his new book

Protesters outside the US Supreme Court on Dec 7, 2022, as the court heard arguments in Moore v Harper, a case that could fundamentally alter the way democracy operates in the US. PHOTO: AFP
New: Gift this subscriber-only story to your friends and family

As the chief economics correspondent of the Financial Times since 1996, Martin Wolf is one of the world’s most influential economists. He started his journalistic career as a vigorous advocate of globalisation and deregulation, but since the global financial crisis, his mood has darkened.

His new book, The Crisis Of Democratic Capitalism, is both his magnum opus and an explanation of his crisis of faith.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.