Word on the Street

Economic and political inequality have grown so extreme that many are rejecting democracy. 

This is fertile ground for authoritarianism, especially for the kind of rightwing populism that Trump, Bolsonaro and the rest represent. But such leaders have shown that they have none of the answers that discontented voters are seeking. On the contrary, the policies they enact when given power only make matters worse.

 Rather than looking elsewhere for alternatives, we need to look inward, at our own system. With the right reforms, democracies can become more inclusive, more responsive to citizens, and less responsive to the corporations and rich individuals who currently hold the purse strings. But salvaging our politics also will require equally dramatic economic reforms. We can begin to enhance the wellbeing of all citizens fairly – and take the wind out of populists’ sails – only when we leave neoliberal capitalism behind and do a much better job at creating the shared prosperity that we acclaim. 

Joseph E Stiglitz

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