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“Once again, the developed world is feeling the inherent tension between market capitalism and representative democracy. Each institution provides its own mechanisms for allocating society’s resources and distributing the income and wealth generated by their use. Each offers procedures for legitimating the distribution of power, be it in the form of “one dollar, one vote” or “one person, one vote.” Critically, power accumulated in one domain can be exercised in the other, either to redress or reinforce outcomes across the political economy.
This interplay has been crucial to accommodating successive waves of technological innovation that have transformed human existence. But the march of technology has never been neutral in either origin or effect. It can yield new public goods for broad social benefit; it can also create new forms of exploitation and sources of private rents.
For two generations after World War II, the constructive coexistence of capitalism and democracy was largely taken for granted in developed countries – including the former Axis powers. This deep-seated complacency was reinforced by the collapse of the Soviet Union. But the 2008 global financial crisis put an end to faith in the supposed inevitability of liberal economics and democratic politics.”
JJ Editor's Picks
"The top brass of China’s Communist Party (CCP) – its 370-strong Central Committee – recently emerged from the Fourth Plenum of the 2017 Party Congress. Such meetings, usually one a year, are key forums for policy discussion. At the previous..."
"Mayor Pete is having his moment — for the second time in the campaign. Surging to the head of the pack in a recent Iowa poll, and edging out Vice President Joe Biden in last quarter's money race, Buttigieg is staking his claim to being the..."
"careful reading of Walden; or, Life in the Woods makes it clear that Thoreau never intended his cabin to be a solitary hermitage, although fans and detractors alike often misunderstand this. It was more an author’s workshop than a fortress of..."
"In the fall of 2015, a rash of posters appeared around Copenhagen. One, in pink letters laid over an image of chicken eggs, asked, “Have you counted your eggs today?” A second — a blue-tinted close-up of human sperm — inquired, “Do they swim too..."
"While there’s plenty of disagreement about how the money should be used, almost everyone involved in public-policy debates agrees that it would be good if the federal government could collect more revenue without raising tax rates or reducing..."
"On a brisk November night, a solitary man wandered around the plaza outside the Duke Energy Center for the Performing Arts on the edge of downtown. He had just flown alone from New York to see his favorite comic, Louis C.K., and he had an extra..."
"Judaism has been described as many things: a culture, a people, a religion, a nationality, and more (including, according to answers given to the 2013 Pew survey of American Jews, a culinary disposition for bagels and smoked salmon or the..."
"US sex education is decades behind other countries. Right now, it isn’t even mandatory in every state. Add to that the awkwardness people feel about sex and bodies in general, top it with the idea of having to have these discussions in public..."