For a long time many (although by no means all) scholars saw the relationship between capitalism and democracy as mutually reinforcing: economic competition and growth were expected to sustain democratic competition and improve governance and public good delivery for citizens, in turn creating a better environment for capitalist competition to flourish. But as capitalism has changed and has in many respects freed itself from the constraints of the state and of democratic processes, it has unleashed a new era of extreme wealth accumulation, deregulated markets, weak states, unresponsive political elites, and choiceless democracies. In this episode, CEDAR host Licia Cianetti talks to Rachel Riedl about her recent essay on “Neoliberalism and the Third Wave” to better understand why and how this happened and what we can do about it. This episode is part of PPP’s ongoing collaboration with the Journal of Democracy.

Rachel Beatty Riedl is Professor of public policy and government at Cornell University and the Peggy J. Koenig '78 Director of the Brooks Center on Global Democracy. Her latest co-edited book is entitled Global Challenges to Democracy: Comparative Perspectives on Backsliding, Autocracy, and Resilience (CUP 2025).

Licia Cianetti is Lecturer in Political Science and International Studies at the University of Birmingham and Deputy Founding Director of CEDAR. Her latest publication is “What is a “regime”? Three definitions and their implications for the future of regime studies” (Democratization, 2025).

The People, Power, Politics podcast brings you the latest insights into the factors that are shaping and re-shaping our political world. It is brought to you by the Centre for Elections, Democracy, Accountability and Representation (CEDAR) based at the University of Birmingham, United Kingdom. Join us to better understand the factors that promote and undermine democratic government around the world.

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