The Democratic Deficit

In this video, Professor Henrietta Moore explains the concept of the democratic deficit, and asks how the way we think about the economy may be linked to the growth of populism and anti-establishment feeling.

The democratic deficit comes from a focus on GDP growth at the expense of other important things within a societal context. It means an increasingly small portion of the economy determine a huge amount about the way things are. This emphasis on GDP is causing a democratic deficit, as people feel less in control of the important part of their lives.

We have been following an economic model that takes power away from people in their everyday lives. When the size of the economy is the only thing that matters, decisions are made on the basis of GDP growth, not what people actually want. Despite countries being richer than ever, too many people are being left behind. Too many livelihoods have been sacrificed for national GDP levels. Prosperity is promised, but insecurity, desperation, and in-work poverty grows.

When economic growth is prioritised over peoples lives, it creates disillusion and anger with politics. Do you think recent political vibrations are due to economic hardship?