The Crisis in Context: Democratic capitalism and its contradictions

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dc.contributor.author STREECK, Wolfgang
dc.date.accessioned 2011-07-14T09:41:38Z
dc.date.available 2011-07-14T09:41:38Z
dc.date.issued 2011
dc.identifier.issn 1830-7736
dc.identifier.uri http://hdl.handle.net/1814/18134
dc.description The lecture was delivered on 20 April 2011. en
dc.description.abstract The “financial crisis” and its sequel, the current sovereign debt crisis, appear to be the latest permutations of an old conflict between capitalism and democracy that forcefully reasserted itself after the end of the postwar growth period. Present calamities were preceded by high inflation in the late 1960s and 1970s, rising public deficits in the 1980s, and growing private indebtedness in the 1990s and 2000s. In each case, governments were faced with popular demands for prosperity and security that were incompatible with an allocation of life chances by free markets alone. Rather than the result of faulty economic management, inflation, deficits and financial under-regulation must be understood as temporary stopgaps to satisfy democratic-political claims for “social justice” alongside economic capitalist requirements of profitability and distribution by marginal productivity. The risks associated with the inherent contradictions of democratic capitalism may have increased in recent years, with potentially disruptive consequences for the social integration of democratic polities as well as for the system integration of advanced market economies. en
dc.language.iso en en
dc.relation.ispartofseries EUI MWP LS en
dc.relation.ispartofseries 2011/04 en
dc.subject Capitalism en
dc.subject democracy en
dc.subject political economy en
dc.subject fiscal crisis en
dc.subject financial crisis en
dc.title The Crisis in Context: Democratic capitalism and its contradictions en
dc.type Other en


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