Conference description

Unprecedented. In recent decades, the tension between democracy and capitalism, as old as modern democracy itself, has escalated. Democracy promises that we manage our common affairs among equals. Capitalism undermines that promise by creating deep power inequalities between vast majorities who have very little and tiny groups who control unlimited wealth. Today, wealth inequality has risen to levels not seen since the invention of representative democracy. By one estimate, the 10 richest men in the world now own about as much wealth as the bottom half of the world’s population.

Unaccountable. Wealth is power and the hyper-rich exercise it as they please. They hoard their wealth. They squander it on excursions to Mars or dreams of eternal life. They sponsor fantasies of global technological salvation. They invest in AI technologies that shatter lives and livelihoods. Some sponsor inclusionary visions, social development, and civic activism. They try to remedy the failure of markets or states. But whatever they do, they do it without democratic oversight or accountability.

Unlimited. The hyper concentration of wealth also undermines democracy in more direct ways. The hyper-rich pour money into the electoral process. They lobby legislators. They hire armies of lawyers to neutralize or mobilize the law for their purposes. They fund networks of radical ideologues and think tanks. They starve democratic states of resources through tax evasion. They build parallel life worlds that drain public services. They control social media empires that profit from unreason and collective hate. The wealthy think they can buy the will of the people and their representatives, and often they can.

Three Questions

Despite its existential importance, the relationship between excessive wealth concentration and democracy remains „shockingly under-discussed” (Rob Reich). The 2025 Annual Conference of the CEU Democracy Institute will focus on three central questions (with two panels devoted to each):

• How does excessive wealth harm democracy? 
  • Panel “Informal and Illegal Oligarchs and Democracy” (convened by Carlos Meléndez) (23 June)
  • Panel “How Does Excessive Wealth Damage Democracy?” (convened by Andrea Krizsan and Andreas Schedler) (24 June)

• Can hyper-wealth produce public goods?
  • Panel “Can the Hyper-Rich Save the Climate?” (convened by Stephen Stec) (23 June)
  • Panel “Promise and Pitfalls of Philanthropy” (convened by Zsuzsanna Szelenyi) (24 June)

• How can we contain excessive wealth?
  • Panel “How to Tax the Super-Rich?” (convened by Marlies Glasius) (23 June)
  • Panel on “How to Break the Power of Oligarchs?” (convened by Balint Madlovics and Balint Magyar) (24 June)

Keynotes

A keynote address by Katharina Pistor on „Transforming the Law of Capitalism” will inaugurate the conference and a keynote address by Marlene Engelhorn, “Inside the Bubble: How the Hyper-Rich View the World” will conclude it.

The Dynasty

Often the rich translate wealth into power and rulers political power into wealth. We will show the documentary “A dinasztia” (directed by Mate Fuchs, produced by Direkt36, 2025) on the self-enrichment of Viktor Orban’s family in authoritarian Hungary and discuss it with Direkt36’s executive director and international journalists (June 23, 6 pm, Blinken OSA Archivum).

Please note that space is limited. Registration is required for in-person participants. Please sign up here. 

The event will be livestreamed on YouTube; for that, no registration is required.

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PROGRAM

 

MONDAY, JUNE 23

9.00-9:30 Welcome remarks

• Shalini Randeria, President and Rector of CEU
• Laszlo Bruszt, Director of CEU Democracy Institute
• Andrea Krizsan and Andreas Schedler, conference organizers, Lead Researchers at CEU Democracy Institute

9.30-11.00 Keynote: Katharina Pistor (Columbia University, New York.): Transforming the Law of Capitalism

Moderator: Andreas Schedler (CEU Democracy Institute)

 

11.00-11.30 Coffee

 

11.30 – 13.00  Informal and Illegal Oligarchs and Democracy 

Convener and chair: Carlos Melendez (CEU Democracy Institute, Budapest)

Panelists:

• Zarai Toledo (Pontificia Universidad Catolica del Peru (PUCP), Lima)
• Erdem Yoruk (Koc University, Istanbul)

 

13.00-14.00 Lunch

 

14.00-15.30  Can the Hyper-Rich Save the Climate? 

Convener and chair: Stephen Stec (CEU Democracy Institute, Budapest) 

Panelists:

• Benjamin Sovacool (Boston University)
• Catriona McKinnon (University of Exeter)
• Janos Pasztor (retired, formerly Carnegie Climate Governance Initiative)

 

15.30-16.00 Coffee

 

16.00-17.30 How to Tax the Super-Rich?

Convener and chair: Marlies Glasius (University of Amsterdam)

Panelists:

• Sarah Godar (EU Tax Observatory / DIW Berlin – German Institute for Economic Research, Berlin)
• Giovanni Ochialli (Institute of Development Studies, Brighton) (tbc)
• Patrick Sachweh (University of Bremen)

 

18.00-20.00 A dinasztia/ The Dynasty

Documentary screening with panel discussion

Chair: Anna Banati – Telex, Hungary

Panelists:

• Andras Petho Direkt36, Hungary
• Henk Willem Smits, Follow the Money, the Netherlands

Location: OSA Blinken Archives, Budapest, Arany Janos u. 32 

20.00-20.30 Wine reception

 

TUESDAY, JUNE 24

9.30-11.00 How Does Excessive Wealth Damage Democracy? 

Conveners and chairs: Andrea Krizsan & Andreas Schedler (CEU Democracy Institute, Budapest)

Panelists: 

• Kati Cseres (University of Amsterdam)
• Peter Haegel (American University of Paris)
• Shakuntala Banaji (London School of Economics)

 

11.00-11.30 Coffee

 

11.30-13.00 How to Break the Power of Oligarchs?

 

Conveners: Balint Madlovics & Balint Magyar (CEU Democracy Institute, Budapest)

Chair: Balint Madlovics (CEU Democracy Institute)

Panelists: 

• Inna Melnykovska (Central European University, Vienna)
• Adam Keith (Human Rights First, New York.)
• Balint Magyar (CEU Democracy Institute, Budapest)

 

13.00-14.00 Lunch

 

14.00-15.30  Promise and Pitfalls of Philanthropy 

Convener and chair: Zsuzsanna Szelenyi (CEU Democracy Institute, Budapest) 

Panelists:

• Alvaro Morcillo Laiz (CEU Democracy Institute, Budapest)
• Inderjeet Parmar (City St George’s, University of London)
• Niamh McCrea (South East Technological University, Ireland)

 

15.30-16.00 Coffee

 

16.00-17.30 Keynote: Marlene Engelhorn (Tax Me Now, Germany): Inside the Bubble: How the Hyper-Rich View the World

Moderator: Andrea Krizsan (CEU Democracy Institute)

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Find out more about the speakers here.