The Crisis of Democratic Capitalism
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Narrated by:
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John Lee
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By:
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Martin Wolf
About this listen
From the chief economics commentator of the Financial Times, a magnificent reckoning with how and why the marriage between democracy and capitalism is coming undone, and what can be done to reverse this terrifying dynamic
Martin Wolf has long been one of the wisest voices on global economic issues. He has rarely been called an optimist, yet he has never been as worried as he is today. Liberal democracy is in recession, and authoritarianism is on the rise. The ties that ought to bind open markets to free and fair elections are threatened, even in democracy’s heartlands, the United States and England.
Around the world, powerful voices argue that capitalism is better without democracy; others argue that democracy is better without capitalism. This book is a forceful rejoinder to both views. Even as it offers a deep, lucid assessment of why this marriage has grown so strained, it makes clear why a divorce of capitalism from democracy would be a calamity for the world. They need each other even if they find it hard to life together.
For all its flaws, argues Wolf, democratic capitalism remains far and away the best system for human flourishing. But something has gone seriously awry: the growth of prosperity has slowed, and the division of its fruits between the hypersuccessful few and the rest has become more unequal. The plutocrats have retreated to their bastions, where they pour scorn on government’s ability to invest in the public goods needed to foster opportunity and sustainability. But the incoming flood of autocracy will rise to overwhelm them, too, in the end.
Citizenship is not just a slogan or a romantic idea; it’s the only idea that can save us, Wolf argues. Nothing has ever harmonized political and economic freedom better than a shared faith in the common good.
This wise and rigorously fact-based exploration of the epic story of the dynamic between democracy and capitalism concludes with the lesson that our ideals and our interests not only should align, but must do so, for everyone’s sake. Democracy itself is now at stake.
* This audiobook edition includes a downloadable PDF that contains graphs and charts from the book.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
©2023 Martin Wolf (P)2023 Penguin AudioListeners also enjoyed...
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Critic reviews
“[A] highly informed and intelligent critique of the global economy.” —Louis Menand, The New Yorker
“Martin Wolf—the accomplished, levelheaded chief economics commentator at the Financial Times, and first-name-basis-friendly affiliate of the world’s leading finance ministers and central bankers—is not kidding around. His new book . . . is steeped in an uncommonly clear-eyed awareness about the fragility of civilization . . . The Crisis of Democratic Capitalism is an essential read for its articulation of the perilous crossroads at which the future of enlightened liberal civilization now stands . . . A tour de force.” —Los Angeles Review of Books
“Among business and financial journalists, there has never been a doubt that Martin Wolf is at the top of our heap. Over a career that now spans 35 years, there is nobody better read, better sourced or more insightful than the longtime economic commentator for the Financial Times. Wolf is the first person you turn to during a financial crisis, a thoughtful and generous colleague and the gold standard against which the rest of us are judged . . . Unlike many progressives, Wolf’s battle cry is not to tear down institutions and topple those who run them. Rather, it is to demand that his fellow elitists make good on the responsibility that goes with their privilege.” —The Washington Post
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- Length: 6 hrs and 13 mins
- Unabridged
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Just 30 years ago, socialism seemed utterly discredited. An economic, moral, and political failure, socialism had rightly been thrown on the ash heap of history after the fall of the Berlin Wall. Unfortunately, bad ideas never truly go away — and socialism has come back with a vengeance. A generation of young people who don’t remember the misery that socialism inflicted on Russia and Eastern Europe is embracing it all over again.
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Full Of Important Insights
- By Ralph Alderson on 12-17-20
By: Iain Murray
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Overall
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Performance
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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The Origins of Political Order: From Prehuman Times to the French Revolution
- By: Francis Fukuyama
- Narrated by: Jonathan Davis
- Length: 22 hrs and 34 mins
- Unabridged
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Virtually all human societies were once organized tribally, yet over time most developed new political institutions which included a central state that could keep the peace and uniform laws that applied to all citizens. Some went on to create governments that were accountable to their constituents. We take these institutions for granted, but they are absent or are unable to perform in many of today’s developing countries—with often disastrous consequences for the rest of the world.
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Few forests, but lots of trees
- By Steve Pagano on 10-05-15
By: Francis Fukuyama
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Radical Markets
- Uprooting Capitalism and Democracy for a Just Society
- By: Eric A. Posner, E. Glen Weyl
- Narrated by: James Conlan
- Length: 9 hrs and 7 mins
- Unabridged
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Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking - and pretty much all conventional thinking about markets, both for and against - on its head. The book reveals bold new ways to organize markets for the good of everyone.
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Terrible Reader ruins this book
- By Brian W. Veit on 10-30-18
By: Eric A. Posner, and others
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The Great Degeneration
- How Institutions Decay and Economies Die
- By: Niall Ferguson
- Narrated by: Paul Slack
- Length: 4 hrs and 18 mins
- Unabridged
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Best-selling author and world-renowned historian Niall Ferguson has won widespread acclaim for thought-provoking works such as Civilization and High Financier. The Great Degeneration tackles nothing less than the decline of Western civilization. Ferguson posits that slowing growth, outrageous debt, and antisocial behavior are contributing to the erosion of the West’s once rock-solid foundations. Ferguson excavates the causes and shows how heroic leadership and radical reform are needed to right the course.
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Superb as always!
- By Ivanhoe on 08-28-17
By: Niall Ferguson
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The World
- A Brief Introduction
- By: Richard Haass
- Narrated by: Dan Woren
- Length: 10 hrs and 24 mins
- Unabridged
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The World is designed to provide listeners of any age and experience with the essential background and building blocks they need to make sense of this complicated and interconnected world. It will empower them to manage the flood of daily news. Listeners will become more informed, discerning citizens, better able to arrive at sound, independent judgments. While it is impossible to predict what the next crisis will be or where it will originate, those who listen to The World will have what they need to understand its basics and the principal choices for how to respond.
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Excellent Primer for young adults
- By Howells on 05-24-20
By: Richard Haass
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Ill Fares the Land
- By: Tony Judt
- Narrated by: James Adams
- Length: 5 hrs and 40 mins
- Unabridged
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In Ill Fares The Land, Tony Judt, one of our leading historians and thinkers, reveals how we have arrived at our present dangerously confused moment. Judt masterfully crystallizes what we've all been feeling into a way to think our way into, and thus out of, our great collective dis-ease about the current state of things.
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Blah, Blah, Blah.
- By Michael on 07-15-10
By: Tony Judt
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How Are You Going to Pay for That?
- Smart Answers to the Dumbest Question in Politics
- By: Ryan Cooper
- Narrated by: Ryan Cooper
- Length: 8 hrs and 22 mins
- Unabridged
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How Are You Going to Pay for That? is filled with engaging discussions and detailed strategies that policymakers and citizens alike can use to assail even the most entrenched lines of neoliberal logic and start to undo these long-held misconceptions. Equal parts economic theory, history, and political polemic, this is an essential roadmap for winning the key battles to come.
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Yay, Taxes!!!
- By Luvelway on 02-19-24
By: Ryan Cooper
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Foreign Policy Begins at Home
- By: Richard Haass
- Narrated by: Kevin Stillwell
- Length: 5 hrs and 33 mins
- Unabridged
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The biggest threat to the United States comes not from abroad but from within. This is the provocative, timely, and unexpected message of Council on Foreign Relations President Richard N. Haass’ Foreign Policy Begins at Home. A rising China, climate change, terrorism, a nuclear Iran, a turbulent Middle East, and a reckless North Korea all present serious challenges. But U.S. national security depends even more on the United States addressing its burgeoning deficit and debt, crumbling infrastructure, second-class schools, and outdated immigration system
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Last 4 years
- By Don on 07-22-17
By: Richard Haass
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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The World Turned Upside Down
- America, China, and the Struggle for Global Leadership
- By: Clyde Prestowitz
- Narrated by: Paul Heitsch
- Length: 13 hrs and 24 mins
- Unabridged
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Performance
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When China joined the World Trade Organization in 2001, most experts expected the WTO rules and procedures would liberalize China and make it "a responsible stakeholder in the liberal world order". But the experts made the wrong bet. China today is liberalizing neither economically nor politically but, if anything, becoming more authoritarian and mercantilist. In this book, renowned globalization and Asia expert Clyde Prestowitz describes the key challenges posed by China and the strategies America and the Free World must adopt to meet them.
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Informative and engaging
- By Christopher P Pratt on 02-28-21
By: Clyde Prestowitz
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A Generation of Sociopaths
- How the Baby Boomers Betrayed America
- By: Bruce Cannon Gibney
- Narrated by: Wayne Pyle
- Length: 14 hrs and 49 mins
- Unabridged
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Overall
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Performance
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Story
What happens when a society is run by people who are antisocial? Welcome to baby boomer America. In A Generation of Sociopaths, Bruce Cannon Gibney shows how America was hijacked by the boomers, a generation whose reckless self-indulgence degraded the foundations of American prosperity.
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Honest introspection required
- By Niki on 03-31-17
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When China Rules the World
- The End of the Western World and the Birth of a New Global Order
- By: Martin Jacques
- Narrated by: Scott Peterson
- Length: 16 hrs and 33 mins
- Unabridged
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Overall
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Performance
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Story
According to even the most conservative estimates, China will overtake the United States as the world's largest economy by 2027 and will ascend to the position of world economic leader by 2050. But the full repercussions of China's ascendancy-for itself and the rest of the globe-have been surprisingly little explained or understood.
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Lucid explanation of global economic trends
- By David Blake on 01-04-10
By: Martin Jacques
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Good on Europe's problems, fair global update
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Today, in the midst of a new economic crisis and severe political discord, the nature of capitalism in United States is at a crossroads. Since the market crash and Great Recession of 2008, historian Jonathan Levy has been teaching a course to help his students understand everything that had happened to reach that disaster and the current state of the economy, but in doing so he discovered something more fundamental about American history. Now, in an ambitious single-volume history of the United States, he reveals how capitalism in America has evolved through four distinct ages.
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The narrator. The book.
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Throughout history, technological change — whether it takes the form of agricultural improvements in the Middle Ages, the Industrial Revolution, or today’s artificial intelligence — has been viewed as a main driver of prosperity, working in the public interest. The reality, though, is that technology is shaped by what powerful people want and believe, generating riches, social respect, cultural prominence, and further political voice for those already powerful. For most of the rest of us, there is the illusion of progress.
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A different take on Technology’s impact
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Permanent Distortion
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It is abundantly clear that our world is divided into two very different economies. The real one, for the average worker, is based on productivity and results. It behaves according to traditional rules of money and economics. The other doesn’t. It is the product of years of loose money, poured by central banks into a system dominated by financial titans. It is powerful enough to send stock markets higher even in the face of a global pandemic and threats of nuclear war. Nomi Prins relentlessly exposes a world fractured by policies crafted by the largest financial institutions
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The I hate Trump rant
- By Whitney J Brown on 10-16-22
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End Times
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Peter Turchin, one of the most interesting social scientists of our age, has infused the study of history with approaches and insights from other fields for more than a quarter century. End Times is the culmination of his work to understand what causes political communities to cohere and what causes them to fall apart, as applied to the current turmoil within the United States.
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Boomer History
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What listeners say about The Crisis of Democratic Capitalism
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Keith Olsen
- 07-11-24
Simple yet frustrating
We need an inspirational leader to map out a new new deal and save America.
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- William
- 02-27-23
Well Done
Very sophisticated arguments, you must take your time to truly consume the book. Do not rush and try to digest all of Mr. Wolf’s arguments with patience. Overall, it leaves you with a call to action and desire to make a change in our current “democratic recession.” I would highly recommend this book to economists, as the language is suited for that audience.
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- Amazon Customer
- 04-10-24
Great narration, though the book could be shorter
All in all it’s a good read (good listen), but it feels like from a book of such a size one would expect little more content, or that the same ideas could have been expressed in a more succinct manner. Still, many thoughts in this book resonate with the idea that the world has changed and liberal democracies are facing new challenges which have to be acknowledged and addressed properly and quite soon at the danger to their own existence.
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- Amazon Customer
- 04-14-23
Brilliant, Timely, Profound, & Lucid
An account of the threats & remedies for our economies & polities. Decay in both has been a vicious cycle. Our response to succeed has to address both as well & and become a virtuous cycle.
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- Douglas Kasson
- 12-22-23
Very important book
Clear description of the challenges the West faces so this book should be taken seriously
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- Trev
- 04-17-23
Pro-market enthusiast grappling with reality
I imagine Martin Wolf must feel like a nineteen century doctor who spend his life ridiculing Semmelweis' handwashing practices only to realize late in life he had in fact been killing the patients he'd thought to help by ignoring what was clear and obvious. He gives a bit of exposition on the benefits capitalism and democracy. After, the book dives into the consequences several decades of embracing unabashed capitalism has caused our world, including corrupting the democratic foundational it's set upon. I can't help but feel pessimistic on reading his conclusions, his solutions are underwhelming and separate power from money with a childish naivety. Perhaps a little late to the party, but still worth reading for the perspective of someone who spent a life in broadly pro-market journalism. It's saying something that Martin Wolf is advocating significant regulations at nearly all levels. However, look elsewhere for forward looking solutions on the current state of capitalism and democracy.
His writing gets very academic at points, the sort of work that takes a paragraph to define a word so he could correctly use it in the following page - accurate to the point of being pedantic, but maybe necessary in such a book.
One note regarding the audiobook: the various recitations of information are extremely difficult to digest when listening. There is generally a helpful summary after on his intent behind these enumerations, but I wish I had decided to buying the paper copy instead.
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- Mario A. Santos
- 06-04-23
A wholistic approach
Well-said, evidenced-based, balanced approach (individual vs social, democracy vs laws n ethics, elites vs the masses, freedom of business vs state role, economics and politics, etc.)
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- Daniel Mccarty
- 02-20-23
Rambling and muddled.
This book was a major disappointment to me. I feel that severe income inequality and.the use of our legal system to favor the rich and powerful has created a potentially fatal flaw in our capitalist system. I was hoping this author would suggest a solution to those issues. If it was there, I missed it. The language was overly complex, striving to be eloquent instead of clear.
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3 people found this helpful