Democracy is far less fragile than we sometimes imagine. Although hard to establish, it is remarkably robust and is corrupted only by dint of persistent effort. Yet, as Rousseau wrote of freedom, once lost, democracy is nearly impossible to regain. Today, the forces of democracy face a new source of corruption all the more sinister because it appears so innocuous, often even identifying itself with the liberty it undermines. Having survived the nation-state and in time subordinated it to its own liberal purposes, can democracy now survive globalization? Only if democracy is globalized.

At present, the encompassing practices of globalization have created an ironic and radical asymmetry: we have managed to globalize markets in goods, labour, currencies and information without globalizing the civic and democratic institutions that have historically comprised the free market's indispensable context. Put simply, we have removed capitalism from the institutional ‘box’ that has (quite literally) domesticated it and given its sometimes harsh practices a human face.