Poor standard of living makes democracy difficult to maintain: Martin Wolf at BS Manthan

Martin Wolf, chief economics commentator at the Financial Times, London spoke in great depth regarding the factors that can influence the rise and decline of democracy in countries. During the Business Standard Manthan event, Wolf engaged in a conversation with Shailesh Dobhal, editor of Business Standard, shedding light on his book titled "The Crisis of Democratic Capitalism," released in February 2023.
Addressing the audience, Wolf stated, "if people cannot gain a sufficient standard of living, a peaceful and democratic order becomes difficult to maintain."
Hello viewers! Guess what? We're now on WhatsApp Channels! Dive into real-time news updates, insights, and much more.
Subscribe to BS Hindi UA-cam Channel: / @bshindinews
Follow us: whatsapp.com/channel/0029Va6c...
Download the all-new Business Standard app:
bit.ly/App-BS
Join us:
/ bsindia
/ bsindia
/ business.standard

[@fatsc6h6]

Briliant

[@philipwong895]

The world's richest and most powerful country has achieved these standards of living for their citizens with their democracy: Economic inequality, inflation, stagnant real wages for the last forty years, costly healthcare, an expensive education system, student loan debt totaling $1.7 trillion with an average balance of $38,000, poor public transportation systems, racial inequality, mass incarceration, the militarization of police, deteriorating infrastructure, housing affordability, homelessness, the opioid epidemic, and gun violence.
With such exceptional outcomes, the US is promoting its version of democracy to the world.
The basis of Western democracy is that people within a country are divided into parties with different ideologies, interests, and policies to compete against each other in a winner-take-all contest to determine who will govern the country for a period of time. Separation of powers among the legislative, executive, and judicial branches of government prevents the concentration of power in one entity. Groups and institutions spend more time and resources competing against each other, rather than making long-term plans to improve their country. One party's national development plans, infrastructure projects, and policies are undone and reversed by the next party. This wastes resources and impedes progress because long-term plans cannot be implemented.

[@Koshy210]

Somebodys invited to justify autocracy in india?

[@InterrogansMentem]

Is Bharat turning India into one such crises ?