Martin Wolf on saving democratic capitalism: the ‘democratic recession’

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 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.