Daron Acemoglu: ‘If Democrats think everything can go back to normal, it will be a dangerous victory’
In an in-depth conversation, the Nobel Prize-winning economist explains what he believes is at stake in the US midterm elections
Daron Acemoglu, the Nobel laureate in economics, is an expert in the decline of liberal democracy and the rise of extreme nationalism and neo-fascist governments worldwide. In his latest book, What Happened to Liberal Democracy?, Acemoglu explores the factors contributing to the decline of liberal democracy and proposes a plan to revive it. The book traces the era of liberalism and democracy, analyzing the causes of their decline and the parallel rise of extreme ideologies.
Acemoglu argues that liberal democracy is one of the most important human inventions, yet it is currently in crisis. Survey data from industrialized nations shows a growing distrust in democratic institutions and a decreasing trust among the populace. Furthermore, political polarization, declining voter turnout, and the rise of extreme right and left parties, which aim to weaken or destroy liberal democratic institutions, indicate that the liberal order is under significant threat.
The crisis of liberal democracy is not just an emotional phenomenon; objective metrics reveal that shared prosperity, high-quality public goods, and effective governance are all deteriorating. This dismal state of affairs has been exacerbated by global shifts such as wealth concentration, changes in work organization due to globalization and automation, the loss of community ties, the impact of social media, migration challenges, and the rise of AI.
Acemoglu cautions against treating the defeat of anti-democratic parties in elections as a sufficient solution. Instead, he argues that a viable plan to rectify the problems of liberal democracy is essential. Brazil's recent election, which saw Lula defeat Bolsonaro, serves as an encouraging example. However, Acemoglu warns that merely replicating Lula's or Biden's electoral success is not enough.
A workable, inspiring governing philosophy for liberal democracy tailored to the challenges of the modern age, particularly the age of AI, is necessary to ensure the longevity and relevance of liberal democracy as a governing ideology.
Written by urgent.news from El Pais English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
