The Interim Balance Sheet of Democracy

This chapter discusses the “global economy of anger” and the “great discordance” that has been the collateral offshoot of technological progress and globalization. It shows that what is often overlooked is that these “advances” have been slowly eroding the foundations of global democracy, enabling political leaders in big and powerful countries to take actions that have no legitimacy or legal basis and are sanctioned by none other than themselves, which is anathema to the very idea of democracy. Given the long history of democracy, which goes back to Athens and its surrounding territories of sixth century BCE, we often act as though we have an adequate understanding of its structure and modalities. The chapter argues that this is far from the truth. Given the intertwining of democracy with technology and institutions that are continuously evolving, our understanding is quite minimal, and the weaknesses are showing up in a stark fashion in today's globalized world. The chapter then lays out the importance of independent research and suggests a research agenda for law and economics.