The Lecture Capitalism is not democratic and democracy not capitalistic. Tensions and opportunities in historical perspective regards the relationship between capitalism and democracy; to discuss whether and in which sense capitalism and democracy are compatible. Whether they reinforce or impede each other, and, if so, in which sense. The text moves from a historical perspective, but it gets to the present time. The Author concludes that historically and systematically the relationship between capitalism and democracy is ambiguous. In other words, it is not fully determined. Much depends on the kind of capitalism and the kind of democracy. Changes are possible. Much depends on agency, on collective actions, on politics and policies. They are not fully determined by the economic system, but can certainly influence it.Jürgen Kocka is a historian of modern Germany and Europe. From 1973 to 2009 he taught history at the University of Bielefeld and the Free University of Berlin. From 1983 to 1988 he was Director at the Center for Interdisciplinary Research Bielefeld and from 2001 to 2007 President of the Social Science Research Centre Berlin (WZB). Now he is Professor Emeritus. He is vice President of the Berlin-Brandenburg Academy of Sciences.