An incisive history of the changing relationship between democracy and capitalism. The twentieth century witnessed the triumph of democratic capitalism in the industrialized West, with widespread popular support for both free markets and representative elections. Today, that political consensus appears to be breaking down, disrupted by polarization and income inequality, widespread dissatisfaction with democratic institutions, and insurgent populism. Tracing the history of democratic capitalism over the past two centuries, Carles Boix explains how we got here—and where we could be headed. Boix looks at three defining stages of capitalism, each originating in a distinct time and place with its unique political challenges, structure of production and employment, and relationship with democracy. A must-listen for these uncertain times, Democratic Capitalism at the Crossroads proposes sensible policy solutions that can help harness the unruly forces of capitalism to preserve democracy and meet the challenges that lie ahead.