The problem

The world is richer today than it has been at any time in recorded history. 1 per cent of its richest people own over half its wealth, while 80 per cent of the global population shares less than 5 per cent of this wealth. Such inequalities and the poverty they underpin sit awkwardly with the fact that more people inhabit democracies than ever before, where they elect their governments and are a promised a share in political participation. Indeed, of the over 1.6 billion people estimated to be living in poverty, close to a billion inhabit democracies. Their very existence challenges a long-dominant assumption in academia and beyond that poor people are incapable of, and therefore unsuited for, democracy. The scepticism about democracy surviving in a socio-economic environment marked by poverty and inequality was particularly challenged at the turn of the century, when scholars gushed that democracy was on the ascendance. Since then, however, fears that democracy is ‘in recession’ have steadily gained ground. Geopolitical events from around the world, economic recession in capitalist democracies, and widening inequalities across the globe have sobered the enthusiasm for democracy on display at the turn of the century. The gnawing realization that processes labelled as democratization have been concomitant with widening inequalities of wealth and income has led observers to worry whether democracy is a luxury that people facing deprivations and disparities can afford.