Western democracies

The members of the first panel analyzed the multiple repercussions of the crisis that began in 2008 on the Western economies, as well as on their political systems and societies. The impact has been profound, putting in question the growth model and the sustainability of the welfare state in its current forms. Major tensions have also emerged between short term needs – such as the bailouts – and longer term goals. The very close link between modern states and capitalism, which in the Western world is captured by the expression “market democracy”, has become more evident than in the past.