Martin Wolf and Robert Kagan on democracy’s year of peril
Jun 2, 2024
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Renowned economics commentator Martin Wolf discusses the peril facing democracy in 2024, highlighting the rise of populist, illiberal, and far-right parties worldwide. He explores the implications of a potential Trump victory on US democracy and the global order, emphasizing the urgent need to safeguard democratic values amidst political uncertainties.
The rise of far-right parties globally poses a threat to democratic institutions and principles.
Democratic capitalism, a foundational model for the Western world, faces challenges amidst rising support for illiberal ideologies.
Deep dives
Challenges to Liberal Democracy
The outlook for democracy in a pivotal year is examined, highlighting challenges such as the possibility of a convicted former president seeking office again and a rise in support for far-right parties across Europe. Issues like the success of far-right parties and setbacks in democratic principles globally, including in India and Ukraine, raise concerns about the future of democracy and liberal capitalism.
Defining Democratic Capitalism
Democratic capitalism, a successful Western model combining market economies and liberal democracy, is explained. This system, prevalent over the past 70-80 years, emphasizes a market economy with property rights, competition, and a democratic governance structure where power comes from free and fair elections, representing a stable foundation of the Western world.
Key Interviews
A new podcast series featuring interviews with influential thinkers like Bob Kagan, discussing the dangers of a Trump presidency to American democracy, and other experts focusing on global challenges like the rise of authoritarian alliances. Interviews with figures like Fiona Hill and Raghuram Rajan provide diverse perspectives on the impact of elections in a troubling democracy climate.
Implications of a Trump Presidency
The possibility of a second Trump term and its impact on the US and global democracy is explored. Scenarios range from dramatic changes under a Trump presidency, including policies favoring white nationalism and undermining key institutions, to potential violence, secession threats, and challenges to liberal values and alliances, posing significant risks to democracy and stability.
Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries, making this a pivotal year for democracy. But these polls come as populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. In the first of this five-part series, the FT’s renowned economics commentator Martin Wolf tells executive opinion editor Jonathan Derbyshire why he worries about the consequences for the future of democratic institutions. Martin then speaks to Robert Kagan, a neoconservative scholar and a senior fellow at the Brookings Institution in Washington, about what a victory, or defeat, for Donald Trump might mean for the future of US democracy.
This episode is presented by Jonathan Derbyshire and Martin Wolf. The producer is Sandra Kanthal. Production help from Sonja Hutson. The executive producer is Manuela Saragosa and the sound engineer is Nigel Appleton. The FT's global head of audio is Cheryl Brumley.