The Crisis of Democratic Capitalism

The Crisis of Democratic Capitalism


Brought to you by Penguin.

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 being strained and spurned, even in democracy's notional heartlands. Around the world, powerful voices argue that capitalism is better without democracy; others that democracy is better without capitalism. This book is a forceful rejoinder to both views, offering a deep and lucid assessment of why the marriage between capitalism and democracy has grown so strained and making clear why a divorce would be an almost unthinkable calamity.

Wolf argues that for all its recent failings - slowing growth and productivity, increasing inequality, widespread popular disillusion - democratic capitalism remains the best system and that citizenship is not just a slogan or a romantic idea; it's the only concept that can save us. This wise and rigorous exploration of the dynamic between democracy and capitalism shows us that our ideals and our interests not only should align - they must do so, for everyone's sake.

© Martin Wolf 2023 (P) Penguin Audio 2023


  • Martin Wolf has been an incisive commentator on economics and politics for a long time. This book is an excellent and thought-provoking synthesis of his views on democratic capitalism and how to fix it.
    Ben Bernanke, former chair of the Federal Reserve

About the author

Martin Wolf

Martin Wolf is Chief Economics Commentator at the Financial Times. He was a member of the UK's Vickers Commission on Banking, which reported in 2011. He holds an honorary doctorate at the London School of Economics and is an honorary Fellow of Nuffield College, Oxford. He is a member of the International Media Council of the World Economic Forum. In 2000, he was awarded the CBE for services to financial journalism and in 2019 won the Lifetime Achievement Award at the Gerald Loeb Awards. His books include The Shifts and the Shocks, Fixing Global Finance and Why Globalization Works.
Learn More

Sign up to the Penguin Newsletter

For the latest books, recommendations, author interviews and more