From William Milberg (co-editor):

“This issue of Social Research addresses several crucial questions. What are the economic forces that spurred the growth of antidemocratic regimes and policies? Can economics reverse this trend? In other words, can the discipline that contributed to the current antidemocratic wave also point the way forward? This is an interdisciplinary collection, comprised of essays by scholars from economics, history, and political science, all of whom are grappling with one question: What is the future of capitalism in the face of the widespread retreat of democracy?

The unease between economics and democratic politics can be found in the two opposing philosophical roots of economic thought: liberalism and Marxism…. In the liberal tradition, the primacy of individual freedom leaves it without a model of social structure and thus without a conception of political action or justice at the collective level…. The Marxian tradition foregrounds the inherent dynamics of domination in capitalism, leaving unaddressed the role and significance of individual agency.

The current moment compels us to move beyond the traditional philosophical foundations of economics to gain a deeper understanding of the connection between economy and democracy. If neoliberal economic policies have brought a widespread political revolt, and illiberal regimes have suppressed labor while limiting civil liberties, independent courts, and free elections, then what is the model for our economic future? The articles in this issue provide a robust beginning to this crucial conversation.”