America’s first Gilded Age was marked by railroad barons, industrial monopolies and vast fortunes that gave a small group of men extraordinary influence over public life. Some scholars warn the country may be living through a second version of that era, this time powered by technology, finance and corporate concentration.
That is the central concern in economist Mordecai Kurz’s book "Private Power and Democracy’s Decline: How to Make Capitalism Support Democracy." Kurz argues that modern capitalism has allowed private economic power to grow so large that it can distort markets, weaken workers and overwhelm democratic institutions. In his view, the issue is not wealth alone, but the political force that comes with it.
The warning comes as wealth in the United States is increasingly concentrated. Federal Reserve data show the richest Americans hold a historically large share of the nation’s net worth. Supporters of Kurz’s argument say that concentration affects democracy by giving wealthy individuals and corporations outsized influence through campaign spending, lobbying, media ownership, corrupton and control over digital platforms.
The concern is not merely economic inequality. It is whether citizens still have equal political voice when a small number of people and companies can shape public debate, influence regulation and help determine which policies are politically possible.
Business advocates and free-market economists offer a counterargument. They say large fortunes often reflect innovation, risk-taking and productivity. They warn that aggressive efforts to break up companies or limit wealth could harm investment and economic growth.
Kurz does not call for abandoning capitalism. His argument is that capitalism must be made compatible with democracy. That could mean higher taxes. stronger antitrust enforcement, campaign finance reform, labor protections and rules that prevent private power from becoming political domination.
Guest:
Mordecai Kurz is the Joan Kenney Professor of Economics Emeritus at Stanford University and an economist whose work spans economic theory, market power, inequality and democratic governance. He is the author of "Private Power and Democracy’s Decline and The Market Power of Technology," that argue technology-driven monopoly power has helped create a second Gilded Age and threatens democracy.
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This interview will be recorded live on Thursday June 4, 2026, at 12:00 p.m.
