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As the third decade of the 21st century takes shape, the synthesis of democracy and capitalism, which has underpinned prosperity and freedom in the western world, despite huge challenges in the 1930s, 1940s and during the Cold War, is in crisis. The economy is no longer delivering the security and widely shared wealth expected by our societies. These economic failings have undermined confidence in liberal democracy. Meanwhile, the rise of China and the spread of autocracy have put democracy on the defensive across the world.
In his new book, "The Crisis of Democratic Capitalism", the FT's Chief Economics Commentator Martin Wolf argues that our response to this troubling era, marked by multiple emergencies including runaway climate change and even the risk of nuclear war, should be radical reform of the existing system, not revolution. A new equilibrium needs to be found between the market economy and democratic politics, one that will enable Western nations to improve their economic, social and political performance. To coincide with the book's publication, FT Live is organising a special, live-streamed event with Martin and other thought leaders, who will debate the major changes required and how they might be put into effect, at a time of great global uncertainty.
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