Larry Diamond, a premier scholar in democracy studies and senior fellow at Stanford's Freeman Spogli Institute, joins Martin Wolf to explore the troubling global 'democratic recession'. They dissect the crucial difference between liberal and illiberal democracies and the risks of the latter. The conversation delves into the alarming effects of identity polarization and social media on democracy, as well as the implications of rising populism and disconnection between elites and the working class in the U.S., particularly as the 2024 election approaches.
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Defining Democracy
A democracy's core is free and fair elections, allowing people to choose and replace leaders.
Liberal democracies add rule of law, protecting rights and ensuring accountability.
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Economic Decentralization and Democracy
Economic decentralization and a market economy are necessary for a functioning democracy.
State control over everything hinders accountability and protection of civil liberties.
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The Democratic Recession
The number of democracies globally has declined since its peak around 2005/2006.
India's recent democratic backsliding is a significant and concerning development.
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In this book, Arlie Russell Hochschild travels from her liberal hometown of Berkeley, California, to the conservative heartland of Louisiana to understand the rise of the Tea Party movement. She profiles individuals such as Mike Schaff, a former oil industry worker whose town was devastated by a drilling accident, and Lee Sherman, who suffered from toxic waste dumping. Hochschild seeks to overcome the 'empathy wall' between liberals and conservatives by exploring the deep emotional and social reasons behind their political views, including feelings of loss, anger, and a sense of betrayal. The book provides a nuanced understanding of why people might vote against their apparent self-interest and argues for the possibility of mutual compassion and understanding between the right and the left.
The Crisis of Democratic Capitalism
Martin Wolf
In this book, Martin Wolf examines the strained relationship between capitalism and democracy, highlighting how economic and political changes have undermined this marriage. He argues that despite its recent failings, such as slowing growth and increasing inequality, democratic capitalism is still the best system we know for human flourishing. Wolf emphasizes that capitalism and democracy are complementary opposites that need each other to thrive and that their separation would be catastrophic. The book concludes by discussing what needs to be done to address the threats to liberal democracy itself.
In this second episode of Martin Wolf’s series, the renowned FT columnist and economist speaks to Larry Diamond, a leading contemporary scholar in the field of democracy studies and a senior fellow in global democracy at the Freeman Spogli Institute for International Studies at Stanford University. Drawing on arguments in Martin’s latest book, The Crisis of Democratic Capitalism, they discuss what’s behind a deepening global ‘democratic recession’.
This episode is presented by Martin Wolf. The producer is Laurence Knight. The executive producer is Manuela Saragosa and the sound engineer is Breen Turner. The FT's global head of audio is Cheryl Brumley.
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