Capitalism’s Democracy: Competition and Resilience in Twenty-First Century

In our latest episode of the special series produced in partnership with the Journal of Democracy, we discuss the recent article co-authored by Steven Levitsky, Semuhi Sinanoglu, and Lucan Way, entitled “Can Capitalism SaveDemocracy?” (Journal of Democracy, Vol. 36, No. 3, July 2025). We engage this provocative piece against the backdrop of recent shifts in industrialized countries, where the private sector has assumed an increasinglyprominent political role. Way and Sinanoglu contend that the private sector can empower democracies by fostering creative competition. They argue that capitalism generates an autonomous business class, broadens economicopportunities, and mobilizes resources that in turn strengthen democratic institutions and expand civic participation. Drawing on both historical precedent and contemporary politics, the authors reflect on capitalism’senduring imperfections while presenting it as a plausible—if contested—force for democratic change worldwide.