Capitalism and democracy in East Central Europe : a sequence of crises

Abstract

The relationship between capitalism and democracy has always been a problematic one. In a recent book, Wolfgang Streeck has argued that it was only under the exceptional circumstances of the post-World War II period that the tensions between the market logic, with its relentless pursuit of profit and private gains, and the collective logic of democracy, with its concern for safety and security of citizens, could be reconciled. This was because markets were tamed through widespread regulations, and democratic polities were including citizens not only as voters, but also as producers in corporatist settings.