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Former Economist editor-in-chief Bill Emmott says the liberal democracies of the West are in decline and explains how they must change in order to recover and thrive.

Emmott says states are reacting to global insecurity and economic uncertainty by closing borders, hoarding wealth and solidifying power. Examples are seen across the western world including this year in the Brexit vote and the election of Donald Trump. Emmott argues that insularity and inequality of wealth distribution are a threat to western democracies and that the West needs to be porous, open and flexible to survive. The power of special interest groups, such as bankers, needs to be swept aside, he says.

Emmott was editor-in-chief of the Economist between 1993 and 2006. His books include 20:21 Vision: 20th-Century lessons for the 21st Century and Rivals: How the Power Struggle Between China, India and Japan will Shape our Next Decade.

Here he talks to FT business editor and associate editor Sarah Gordon.