Advanced capitalism, advanced democracies and national autonomy : symbiotic most of the time
MWP, Video Lecture, 2019/03
SOSKICE, David, Advanced capitalism, advanced democracies and national autonomy : symbiotic most of the time, MWP, Video Lecture, 2019/03 - https://hdl.handle.net/1814/69100
Retrieved from Cadmus, EUI Research Repository
In this lecture I look at the relationship between the state, advanced capitalism, democracy, technology regime change, populism and globalisation. My recent book with Torben Iversen, Democracy and Prosperity: Reinventing Capitalism through a Turbulent Century (Princeton 2019) argues that from a long term perspective the performance of advanced capitalist democracies has been highly effective – certainly compared to any other political economic system. From the perspective of the hundred years since the end of the First World War – arguably the most turbulent in recorded history (apart from the C5th CE) – living standards have increased massively, and extreme poverty eliminated. By 1920 all the early industrialisers had become democracies, and most remarkably remained so (absent 35-45 and Czechoslovakia). Why such resilience? We argue that advanced capitalist systems are embedded in advanced democracies; that those in the advanced sectors and aspirational electorates only vote for governments promoting advanced capitalism; thus normally advanced democracies drive advanced capitalism, promoting competition and providing infrastructure. From modern economic geography, knowledge is increasingly embedded in skill clusters and agglomerating cities; hence advanced capital, whose profitability depends on knowledge, is politically weak being tied down and not footloose. Electoral backlash occurs as a result of technological regime change (I explain why); but populist parties are only durably successful when they can deliver desired change. Embedded knowledge by increasing specialisation promotes globalisation; and globalisation in the advanced world, operating through multinationals with knowledge based subsidiary networks, reinforces the autonomy of the advanced nation state. Thus we argue for a symbiosis between the autonomy of the advanced nation state, advanced capitalism and democracy – in opposition to the great theorists of capitalism and the state, from Schumpeter, Hayek and Lindblom, Marx and Poulantzas, to Streeck and Piketty.
Lecture delivered at the European University Institute in Florence on 29 March 2019; A video interview with the presenter was recorded on 20 March 2019
Cadmus permanent link: https://hdl.handle.net/1814/69100
External link: https://youtu.be/RgXh85JkXG8
Series/Number: MWP; Video Lecture; 2019/03
Publisher: European University Institute
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