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73

The Crises of Democratic Capitalism

3
terms
1
notes

initially given as a lecture and published in New Left Review 71, September/October 2011, 5–29

Streeck, W. (2016). The Crises of Democratic Capitalism. In Streeck, W. How Will Capitalism End? Essays on a Failing System. Verso, pp. 73-94

(adjective) marked by a tendency in favor of a particular point of view; biased

76

mainstream economics’ account of dysfunctions in the economy as being the result of a cleavage between traditionalist principles of moral economy and rational-modern principles amounts to a tendentious misrepresentation, for it hides the fact that the ‘economic’ economy is also a moral economy, for those with commanding powers in the market

—p.76 by Wolfgang Streeck
notable
4 years, 9 months ago

mainstream economics’ account of dysfunctions in the economy as being the result of a cleavage between traditionalist principles of moral economy and rational-modern principles amounts to a tendentious misrepresentation, for it hides the fact that the ‘economic’ economy is also a moral economy, for those with commanding powers in the market

—p.76 by Wolfgang Streeck
notable
4 years, 9 months ago
78

In subsequent years governments all over the Western world faced the question of how to make trade unions moderate their members’ wage demands without having to rescind the Keynesian promise of full employment. In countries where the institutional structure of the collective-bargaining system was not conducive to the negotiation of tripartite ‘social pacts’, most governments remained convinced throughout the 1970s that allowing unemployment to rise in order to contain real wage increases was too risky for their own survival, if not for the stability of capitalist democracy as such. Their only way out was an accommodating monetary policy which, while allowing free collective bargaining and full employment to continue to coexist, did so at the expense of raising the rate of inflation to levels that accelerated over time.

—p.78 by Wolfgang Streeck 4 years, 9 months ago

In subsequent years governments all over the Western world faced the question of how to make trade unions moderate their members’ wage demands without having to rescind the Keynesian promise of full employment. In countries where the institutional structure of the collective-bargaining system was not conducive to the negotiation of tripartite ‘social pacts’, most governments remained convinced throughout the 1970s that allowing unemployment to rise in order to contain real wage increases was too risky for their own survival, if not for the stability of capitalist democracy as such. Their only way out was an accommodating monetary policy which, while allowing free collective bargaining and full employment to continue to coexist, did so at the expense of raising the rate of inflation to levels that accelerated over time.

—p.78 by Wolfgang Streeck 4 years, 9 months ago

lack of the usual social or ethical standards in an individual or group, which lessens social cohesion and fosters decline; popularized by French sociologist Émile Durkheim in his influential book Suicide

79

As the two sides act on mutually incompatible ideas of what is theirs by right, one emphasizing the entitlements of citizenship and the other those of property and market power, inflation may also be considered an expression of anomie in a society which, for structural reasons, cannot agree on common criteria of social justice

—p.79 by Wolfgang Streeck
notable
4 years, 9 months ago

As the two sides act on mutually incompatible ideas of what is theirs by right, one emphasizing the entitlements of citizenship and the other those of property and market power, inflation may also be considered an expression of anomie in a society which, for structural reasons, cannot agree on common criteria of social justice

—p.79 by Wolfgang Streeck
notable
4 years, 9 months ago

theories about how in the short run, and especially during recessions, economic output is strongly influenced by aggregate demand; developed by British economist John Maynard Keynes

84

The felicitous term, ‘privatized Keynesianism’, was coined to describe what was, in effect, the replacement of public with private debt

citing Colin Crouch

—p.84 by Wolfgang Streeck
notable
4 years, 9 months ago

The felicitous term, ‘privatized Keynesianism’, was coined to describe what was, in effect, the replacement of public with private debt

citing Colin Crouch

—p.84 by Wolfgang Streeck
notable
4 years, 9 months ago