Buying Time: The Delayed Crisis of Democratic CapitalismThe aftershocks of the economic crisis that began in 2008 still rock the world, and have been followed by a crisis in democratic governance. The gravity of the situation is matched by a general paucity of understanding as to precisely what is happening and how it started. In this new edition of a highly acclaimed book, Wolfgang Streeck revisits his recent arguments in the light of Brexit and the continued crisis of the EU. These developments are only the latest events in the long neoliberal transformation of postwar capitalism that began in the 1970s, a process that turned states away from tax toward debt as a source of revenue, and from that point into the ‘consolidation state’ of today. Central to this analysis is the changing relationship between capitalism and democracy—in Europe and elsewhere—and the advancing immunization of the former against the latter. |
Contents
Crisis Theory Then and | |
Two surprises for crisis theory | |
Buying time | |
Capitalism and democracy in the neoliberal revolution | |
Debt state and distribution | |
NEOLIBERALISM IN EUROPE | |
back to the future | |
On the strategic capacity of the European consolidation state | |
Capitalism or democracy | |
Democracy in Euroland? | |
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Common terms and phrases
austerity budget capitalist capitalist economy cent central banks citizens common competition countries country’s creditors crises crisis theory currency union decades deficit demands democracy democratic capitalism deregulation devaluation distribution conflict elections employment euro Europe European Union Eurozone example expenditure federation financial and fiscal financial markets fiscal consolidation fiscal crisis Frankfurt Frankfurter Allgemeine Zeitung funds Germany global Goldman Sachs Greece growth Hayek Hayekian income increased industry inflation institutions integration interest rates investment Italy Keynesian labour markets legitimation crisis less liberalization longterm Mario Monti market justice Marktvolk memberstates Mezzogiorno modern nationstates neoliberal OECD OECD Economic Outlook organizations Oxford political economy politicaleconomic possible postwar capitalism problem production profit programme public debt public finances reforms regime result rise sector socalled social justice society spending stagnation Streeck structural Sweden taxation today’s trade unions University Press wage welfare