I want to make clear here that I'm referring to capitalism in its true state, not mixed in with socialism. We have a mixed economy in the US right now. Which side has more power has ebbed and flowed for centuries. We are cycling back toward the more socialistic, the more democratic.
The problem with this article, "Capitalism and democracy: what if we have it backwards?," is that it is speaking at cross purposes concerning democracy. I mean it is misdefining democracy. It is conflating limited, representational government (with legislators bought and paid for by anti-democratic capitalists) with democracy. It's an age old problem.
Where's the instant recall of federal legislators when they don't keep their campaign promises to support progressive positions? What about the mass media owned by capitalist corporations that decide what the masses see, hear, and read? I could go on and on about it.
But if their position in the knowledge economy makes the members of the new middle class socially progressive, it can also make them less economically progressive, since neither their interests nor life experiences overlap greatly with those of the old middle and lower classes. Herein lies the primary reason why the rising inequality accompanying the transformation of capitalism has not been effectively countered by increased redistribution: the old middle class is hostile to the poor and the rising middle class is uninterested in the plight of the declining middle class—it is the workings of the democratic system rather than the political power of capital that is to blame.
Read what I said above about who controls the narrative or tries to. I add "or tries to" because people seem to be still hearing, seeing, and reading what they aren't supposed to (aren't supposed to according to those who don't want purer, more-direct democracy).
Another thing completely wrong with the article is the use of the terms "populist" and "populism" as synonymous with reactionary. The Populist Party of the US was decidedly left-wing. It was more left-wing than the Progressive Movement that followed. Bernie Sanders is a populist. AOC is a populist. I'm a populist. Most of the up-and-coming youth, urban and rural, are populists. The Green New Deal is populist/progressive.