The Roosevelt Institute 347d ago

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 welcomed 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 explored 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. Learn more: https://rooseveltinstitute.org/ Follow us on Twitter: / rooseveltinst Follow us on Facebook: / roosevelt.institute Follow us on LinkedIn: / roosevelt-institute Follow us on BlueSky: https://bsky.app/profile/rooseveltinstitute.org © Roosevelt Institute 2025