In a riveting continuation of their debate, Martin Wolf, Chief Economics Commentator at the Financial Times, and Yanis Varoufakis, the Greek politician and economist, clash over capitalism's future. They dissect the monopolistic powers of tech giants and the evolving landscape of capitalism influenced by autocratic regimes. Varoufakis advocates for a post-capitalist world, while Wolf defends democratic capitalism as essential for human flourishing. Their insights challenge listeners to rethink the balance between reform and radical change in our socio-economic systems.

It’s Ok To Be Angry About Capitalism is the title of the new book by the US politician Bernie Sanders. In it he castigates a system that he argues is fuelled by uncontrolled greed and rigged against ordinary people. He tells Tom Sutcliffe it’s time to reject an economic order and a political system that continues to benefit the super-rich, and fight for a democracy that recognises that economic rights are human rights.The Chief Economics Commentator at the Financial Times Martin Wolf looks more closely at how and why the relationship between capitalism and democracy appears to be unravelling. But despite the failings – slowing growth, growing inequality and widespread popular disillusion – he argues in The Crisis of Democratic Capitalism that the relationship remains the best system for human flourishing. But the economist Kate Raworth believes that mainstream economics has had its day. Its failure to predict and prevent financial crises, while allowing extreme poverty, inequality and environment degradation to persist, means its contributing to, not solving, societal unrest. She argues that her theory – Doughnut Economics – offers a new model for a green, fair and thriving global economy.Producer: Katy Hickman

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.

Daniel Markovits, Martin Wolf, and Madeleine Pennington discuss the meaning of productivity in the 21st century, the correlation between productivity and well-being, the role of governments in increasing output, the impact of technology on productivity, the alternative to productivity, the importance of democracy, and the urgency of preserving democracy while creating a stronger and more inclusive society.

Martin Wolf, Chief Economics Commentator at the Financial Times, shares his insights on the UK economy and the challenges facing the new Labour government. He discusses the implications of Brexit and COVID-19 on investor confidence and the complexities of raising taxes to stimulate growth. Wolf emphasizes the importance of public-private partnerships and the need for improved savings rates. He balances optimism about advancements in AI and life sciences with concerns about the impact on less skilled workers, while critiquing the effectiveness of the UK's green investment strategy.

Martin Wolf, chief economics commentator at the Financial Times, discusses the fragile relationship between capitalism and democracy in light of his new book. He highlights how rising inequality and economic policies benefiting the wealthy threaten democracy and the middle class. Wolf advocates for stronger social safety nets and examines immigration's impact on labor markets and societal cohesion. He draws on personal experiences to emphasize the importance of advocating for economic and political change to restore balance in society.

Discussing the economic outlook for 2024, including the impact of a Trump presidency, AI development race between China and the US, and global conflicts. Martin Wolf shares insights on globalisation, technological advancements, and democratic decline. The conversation covers environmental challenges, economic risks, and semiconductor industry's role. Audience questions touch on democratic capitalism, AI's societal impacts, and future economic landscapes.

Martin Wolf, Chief Economics Commentator at the Financial Times, shares his insights on the turbulent economic landscape of 2025. He discusses the likelihood of Donald Trump’s return to power and its impact on global trade. Wolf also highlights the ongoing conflicts in Ukraine and Gaza and their potential diplomatic fallout. He analyzes successful economic models from smaller nations like Denmark and Switzerland, while addressing the complexities of tax strategies and the challenges economists face in communicating with policymakers. Expect a thought-provoking perspective on the future!

Martin Wolf, Chief Economics Commentator at the Financial Times and a distinguished financial journalist with nearly 40 years of experience, shares his insights on a turbulent economic landscape. He discusses the geopolitical shift with Trump's potential return and its implications for global trade. The conversation highlights the escalating AI race between the US and China. Wolf also addresses the UK's economic challenges, including the tension between public spending and taxation, and its effects on family businesses and farming.

The combination of a markets-based capitalist economy and a liberal democracy with almost-universal suffrage is very young, having existed for barely more than a century. But what we’ve learned in that short time is that there has never been a more successful political and societal arrangement. None of the tyrannies and the plutocracies that have been the default for nearly all of human history has ever been nearly as good at raising people’s living standards, and at giving people the individual freedoms to choose how they live their lives. But that marriage between capitalism and democracy has always been a fragile one. And in the last decade or two, that system has been under threat from within the very liberal democracies where it exists, especially in the US and across parts of Europe. What happened?The guest for this episode is Martin Wolf, the chief economics commentator of the Financial Times and author of a new book called The Crisis of Democratic Capitalism. As Martin writes:The health of our societies depends on sustaining a delicate balance between the economic and the political, the individual and the collective, the national and the global. But that balance is broken. Our economy has destabilized our politics and vice versa… A big part of the reason for this is that the economy is not delivering the security and widely shared prosperity expected by large parts of our societies. One symptom of this disappointment is a widespread loss of confidence in elites. Another is rising populism and authoritarianism. Another is the rise of identity politics of both left and right. Yet another is loss of trust in the notion of truth. Once this last happens, the possibility of informed and rational debate among citizens, the very foundation of democracy, has evaporated.Martin discusses these themes with Cardiff, what should be done to confront this crisis of democratic capitalism, what a "New New Deal" can look like, the threat (and opportunity) of China as a global superpower, and how Martin's own personal history influenced his values and thinking.Related links: The Crisis of Democratic Capitalism Martin's columns at the Financial Times Hosted on Acast. See acast.com/privacy for more information.