Wolf argues that the long-standing partnership between democracy and capitalism is breaking down. Economic stagnation, rising inequality, and financial instability, have eroded public trust in institutions and fuelled the rise of populism and authoritarianism. Wolf sees this as a crisis not just of economics, but of legitimacy where elites have failed to deliver broad prosperity, and citizens no longer feel represented. He warns that democratic capitalism is fragile and needs deliberate reform to survive. His solution is a ‘new’ new deal: stronger public services, fairer wealth distribution, and renewed civic engagement. Wolf insists that capitalism and democracy must be rebalanced – not abandoned – and that restoring trust and shared purpose is essential to preserving freedom and stability in the West.