The Crisis of Democratic Capitalism (with Martin Wolf)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 20 August 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Martin Wolf, chief economics commentator at the Financial Times, joins Nick and Goldy to discuss his new book, "The Crisis of Democratic Capitalism." They explore the important-yet-fragile connection between capitalism and democracy, particularly in the context of rising inequality and political instability. Wolf articulates how the perceived success of democratic capitalism has begun to falter under the onslaught of economic policies favoring the wealthy and eroding the middle class. Ultimately, Wolf advocates for stronger social safety nets to ensure that democratic systems, as well as working and middle-class families, can thrive in an era dominated by economic upheaval. Martin Wolf is the chief economics commentator at the Financial Times, known for his incisive analyses and authoritative perspectives on global economics and policy. With a distinguished career spanning several decades, Wolf has shaped public discourse on economic matters through his insightful columns and books. His latest book, "The Crisis of Democratic Capitalism," details how and why the marriage between democracy and capitalism is coming undone and what can be done to reverse this terrifying dynamic. Twitter: @martinwolf_ Further reading: The Crisis of Democratic Capitalism Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon, @NickHanauer, @civicaction Instagram: @pitchforkeconomics Threads: pitchforkeconomics YouTube: @pitchforkeconomics Substack: The Pitch

Transcript

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0:00.0	The rising inequality and growing political instability that we see today are the direct result of decades of bad economic theory.
0:10.0	It's time to build our economy from the bottom up and from the middle out, not the top down.
0:15.0	Middle out economics is the answer.
0:18.0	Because Wall Street didn't build this country.
0:20.0	Great middle class built this country.
0:22.0	The more the middle class thrives, the better the economy from the middle out.
0:42.0	Welcome to the show. build the economy from the middle out.
0:42.6	Welcome to the show. It's election season, Nick, and so I am constantly in crisis mode and you know fearful of our democracy,
1:01.3	fearful about our economy which led me to a book I read a couple months ago
1:08.0	now called The Crisis of Democratic Capitalism. capitalism.
1:13.0	Indeed, it's a marvelous book,
1:15.0	written by a marvelous guy who is,
1:18.0	like, what can you even say about Martin Wolf?
1:20.0	I mean, he's one of the most influential and respected commentators on economics
1:27.4	in the world. He's been at the Financial Times in England for, I think, was it, 30 years or something like that and his new book the
1:35.8	crisis of Democratic capitalism really is a wonderful expose a
1:41.4	on the relationship between capitalism and democracy and, you know, effectively today's disintegration.
1:49.0	And it's super fun to talk to him about this, of course, because you and I have been talking about this connection for a long time.
1:56.0	You know, the essence of middle out economics is the idea that you can't have a functioning democracy without a thriving middle class.
2:05.0	In a world in which the economy enriches the few and impoverishes everyone else,
2:11.0	who needs democracy, right?
2:13.1	You don't need a democracy for that.
	...

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