How do economic inequalities corrode democratic processes?

Capitalism has come under attack in recent years, notably because of growing economic inequalities not only between the global North and South, but also within Western countries. Some critics even cast doubt on its legitimacy and ability to create and preserve a just and equitable society. In this episode, the economist Branko Milanovic helps us understand how economic inequalities systematically corrode democratic processes.Democracy in Question? is brought to you by:• The Institute for Human Sciences in Vienna: IWM• The Albert Hirschman Centre on Democracy in Geneva: AHCD• The Excellence Chair and Soft Authoritarianism Research Group in Bremen: WOC• The Podcast Company Earshot StrategiesFollow us on social media!• Institute for Human Sciences in Vienna: @IWM_Vienna• Albert Hirschman Centre on Democracy in Geneva: @AHDCentreSubscribe to the show. If you enjoyed what you listened to, you can support us by leaving a review and sharing our podcast in your networks!BIBLIOGRAPHY• Capitalism, Alone: The Future of the System That Rules the World. (2019).• Global Inequality: A New Approach for the Age of Globalization. (2018).GLOSSARYWhat happened under Ronald Reagan when air traffic controllers went on strike?(00:05:00 or p. 4 in the transcript)In 1981, the air traffic controllers trade union declared a strike, seeking better working conditions, better pay and a 32-hour workweek. Only two days later, following the workers' refusal to return to work, then US president Ronald Reagan fired more than 11,000 striking air traffic controllers and banned them from federal service for life. Reagan's firing of the government employees encouraged large private employers to hire striker replacements instead of negotiating in labor conflicts. Source.What happened to coal miners under Margaret Thatcher?(00:05:00 or p. 4 in the transcript)The miners' strike of 1984-85 was a major industrial action to shut down the British coal industry in an attempt to prevent colliery closures. Opposition to the strike was led by the Conservative government of the Prime Minister, Margaret Thatcher, who aimed to reduce the power of the trade unions.Margaret Thatcher’s opposition strategy consisted of building up ample coal stocks, keeping as many miners at work as possible, and using police to break up attacks by pickets on working miners. Learn more.What is meritocracy?(00:09:30 or p. 7 in the transcript)Meritocracy represents an ideal vision in which power and privilege would be allocated by individual merit, not by social origins. Click here to learn more about the controversies surrounding this ideal.What is ideological hegemony?(00:14:00 or p. 10 in the transcript)In the view of political theorist and politician Antonio Gramsci's (1891–1937), the ruling class develops a hegemonic culture using ideology rather than violence, economic force, or coercion. Cultural hegemony is therefore used to maintain consent to the capitalist order, rather than the use of force to maintain order. Source. Click here to learn more. Who is Michael Bloomberg?(00:22:00 or p. 15 in the transcript)Michael Bloomberg is a former three-term mayor of New York City (2002-2013), a billionaire businessman and philanthropist. He founded Bloomberg L.P., a financial news and data company. Bloomberg Philanthropies, which has assets totaling $9 billion, has supported 196 different cities with grants, technical assistance and education programs worth a combined $350 million. Learn more.Who is Jack Ma and what does IPO mean?(00:22:00 or p. 15 in the transcript)Jack Ma is chief executive of the Chinese e-commerce giant Alibaba. In December 2020the Ant Group, which was previously called Alipay, was forced to halt its stock market listing, which would have been the world's biggest launch. Regulators made the decision to block theinitial public offering (short IPO) just days before the launch, after raising concerns about its micro-lending services. Many believe, however, that the real reason was a talk Jack Ma gave in late October 2020 that was critical of China's regulators and banking system. Since then, tough new antitrust rules have also been introduced across the tech sector and have triggered a decline of about 17%, in the market value of Jack Ma's Alibaba. Click here and here to learn more.Who is Bernie Sanders?(00:24:30 or p. 17 in the transcript)Bernard Sanders is an American politician who has been the junior United States senator from Vermont since 2007 and as U.S. Representative for the state's at-large congressional district from 1991 to 2007. He is the longest-serving independent in U.S. congressional history, although he has a close relationship with the Democratic Party. Sanders unsuccessfully sought the Democratic Party nomination for president of the United States in 2016 and 2020, finishing in second place in both campaigns. Learn more.