Why is democracy so broken, and how might it be fixed? In his timely new book, sociologist Michael McCarthy lays the blame on our undemocratic systems of finance and credit, where decisions that constrain our entire society are made by a powerful few. In our April installment of the Roosevelt Institute’s Book Club, we will welcome McCarthy—author, scholar, and former Roosevelt Fellow—to discuss his recently released book, The Master’s Tools: How Finance Wrecked Democracy (And a Radical Plan to Rebuild It).
To counter this dangerous concentration of power and influence, McCarthy offers a new vision–inspired by ancient Athens, where small groups chosen by lottery made key political decisions—to show how new forms of financial governance can strengthen our political system and build working-class power. Our conversation will explore how democratizing financial institutions can help fund a just green transition, better social housing, and other public goods—offering a vision for a whole new kind of people-centered economy.
Speakers
Michael A. McCarthy
Associate professor of Sociology & Director of Community Studies, University of California Santa CruzMichael McCarthy is associate professor of Sociology & Director of Community Studies at the University of
California Santa Cruz. He has served as a Fellow at the Roosevelt Institute and the Berggruen Institute, and his previous book Dismantling Solidarity: Capitalist Politics and American Pensions since the New Deal was awarded the Paul Sweezy Book Award as well as an honorable mention for the Labor and Labor Movements Book Award. He has written for the Boston Review, Jacobin, Noema, and the Washington Post, and holds a PhD in Sociology from NYU.
Hannah Groch-Begley
Think Tank Director, Roosevelt Institute [Moderator]As Roosevelt’s think tank director, Hannah Groch-Begley manages the day-to-day of Roosevelt’s research staff, oversees the think tank fellows program, and helps shape research priorities for the organization. Previously, Hannah led research programs at national progressive institutions studying reproductive rights, disability rights, and anti-poverty programs in the United States. Hannah holds a PhD in History from Rutgers University and a BA from Vassar College.