The twilight of democratic capitalism? – The Washington Post

What if governments can’t fulfill the role that justifies their legitimacy?There are ominous precedents. “During the 1920s and 1930s,” Galston writes, “the failure of market economies and democratic political institutions boosted the credibility of totalitarian governance and central planning.”Already, populist and nationalist parties in Europe have gained ground; in the United States, the fringe wings of the Republican and Democratic parties seem emboldened. Resentment is building. “Human experience suggests and behavioral economics confirms that the pain of loss exceeds the pleasure of gain,” Galston argues. “While failing to improve one’s well-being is disappointing, losing what one has enjoyed is productive of bitterness and anger.”

via The twilight of democratic capitalism? – The Washington Post.

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