There is an interesting account, with a historical perspective, of the current impasse of Western capitalism and it's loss of democratic consent in the Financial Times by John Plender.
He concludes with the thought that the way forward could be indicated by the work of the late Mancur Olson, who argued that national decline was brought about by effective political dominance by social/economic interest groups, acting alone or in combination, which serves to undermine the broader efficiency of the economy and society. In Olson's time the dominant interest groups were seen to be trades unions and corporate cartels, but in our time they have been replaced by financial elites and allied professional groups (in accountancy, law etc.) which have escaped accountability and achieved an extractive hold upon national and international wealth and resouces.
The full article is available here and well worth reading.
