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1

From Legitimation Crisis to Fiscal Crisis

21
terms
0
notes

Streeck, W. (2017). From Legitimation Crisis to Fiscal Crisis. In Streeck, W. Buying Time: The Delayed Crisis of Democratic Capitalism. Verso, pp. 1-6

occurring or done after the event, especially with reference to the fallacious assumption that the occurrence in question has a logical relationship with the event it follows

1

can therefore be explained, if at all, only post hoc and ad hoc

—p.1 by Wolfgang Streeck
confirm
3 years, 2 months ago

can therefore be explained, if at all, only post hoc and ad hoc

—p.1 by Wolfgang Streeck
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3 years, 2 months ago

among other things

4

by reference inter alia to government policies

—p.4 by Wolfgang Streeck
uncertain
3 years, 2 months ago

by reference inter alia to government policies

—p.4 by Wolfgang Streeck
uncertain
3 years, 2 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

5

the Keynesian political-economic institutional system of postwar capitalism

—p.5 by Wolfgang Streeck
notable
3 years, 2 months ago

the Keynesian political-economic institutional system of postwar capitalism

—p.5 by Wolfgang Streeck
notable
3 years, 2 months ago

pertaining to the economic theories of Friedrich Hayek, an Austrian and British economist and philosopher best known for his defense of classical liberalism

5

a neo-Hayekian economic regime

—p.5 by Wolfgang Streeck
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3 years, 2 months ago

a neo-Hayekian economic regime

—p.5 by Wolfgang Streeck
unknown
3 years, 2 months ago

a term that Citigroup analysts have used for economies "where economic growth is powered by and largely consumed by the wealthy few."

5

global ‘plutonomy

—p.5 by Wolfgang Streeck
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3 years, 2 months ago

global ‘plutonomy

—p.5 by Wolfgang Streeck
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3 years, 2 months ago

used to express a conclusion for which there is stronger evidence than for a previously accepted one

9

That does not help to alleviate the banking crisis, or a fortiori the recession in the real economy

—p.9 by Wolfgang Streeck
uncertain
3 years, 2 months ago

That does not help to alleviate the banking crisis, or a fortiori the recession in the real economy

—p.9 by Wolfgang Streeck
uncertain
3 years, 2 months ago

calmness and composure, especially in a difficult situation

10

behind the façades of equanimity and tried political craftsmanship

—p.10 by Wolfgang Streeck
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3 years, 2 months ago

behind the façades of equanimity and tried political craftsmanship

—p.10 by Wolfgang Streeck
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3 years, 2 months ago

from Bundesrepublik Deutschland, which was used during the Cold War to refer to West Germany

12

the Bundesrepublik had then finally moved beyond its ‘ordoliberal’ misconceptions

—p.12 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the Bundesrepublik had then finally moved beyond its ‘ordoliberal’ misconceptions

—p.12 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the German variant of social liberalism that emphasizes the need for the state to ensure that the free market produces results close to its theoretical potential

12

the Bundesrepublik had then finally moved beyond its ‘ordoliberal’ misconceptions

—p.12 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the Bundesrepublik had then finally moved beyond its ‘ordoliberal’ misconceptions

—p.12 by Wolfgang Streeck
uncertain
3 years, 2 months ago

(The Glorious Thirty) the thirty years from 1945 to 1975 in France, during which the economy grew rapidly

19

the legitimacy of the democratic capitalism that had taken shape in the trente glorieuses

defined in footnote as a "golden age"

—p.19 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the legitimacy of the democratic capitalism that had taken shape in the trente glorieuses

defined in footnote as a "golden age"

—p.19 by Wolfgang Streeck
uncertain
3 years, 2 months ago

post-WWII formula for democratic capitalist stability: government intervention in business, state planning for growth and full employment, social redistribution; supervised by an interventionist state committed to disciplining the market in order to keep this social contract and thus maintain its legitimacy

24

the ‘peace formula’, as it was called in the theoretical discussion in Frankfurt

—p.24 by Wolfgang Streeck
notable
3 years, 2 months ago

the ‘peace formula’, as it was called in the theoretical discussion in Frankfurt

—p.24 by Wolfgang Streeck
notable
3 years, 2 months ago

a strike undertaken by unionized workers without union leadership's authorization, support, or approval; sometimes termed an unofficial industrial action

26

the global wave of wildcat strikes in 1968 and 1969

—p.26 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the global wave of wildcat strikes in 1968 and 1969

—p.26 by Wolfgang Streeck
uncertain
3 years, 2 months ago

an unusual term (probably localised to anti-capitalist schools) to refer to the 1970's, characterised by high expectations of prosperity and freedom

26

Around the middle of the ‘Roaring Seventies’, later so called on account of the high expectations of prosperity and freedom that dominated politics and the public mood

—p.26 by Wolfgang Streeck
notable
3 years, 2 months ago

Around the middle of the ‘Roaring Seventies’, later so called on account of the high expectations of prosperity and freedom that dominated politics and the public mood

—p.26 by Wolfgang Streeck
notable
3 years, 2 months ago

the ~25 years after WWII when states focused on the welfare of their citizens, with investment in social spending financed by appropriate taxes on the wealthy

26

Its response was to begin with preparations to withdraw from the postwar social contract

—p.26 by Wolfgang Streeck
notable
3 years, 2 months ago

Its response was to begin with preparations to withdraw from the postwar social contract

—p.26 by Wolfgang Streeck
notable
3 years, 2 months ago

"at one's pleasure"; more formal term for ad-lib

33

Governments that sought social peace by means of inflation, introducing not yet existing resources into the capitalist distributional conflict, were able to draw on the magic of modern ‘fiat money’, the amount of which, politics commanding public power, may increase ad libitum

—p.33 by Wolfgang Streeck
uncertain
3 years, 2 months ago

Governments that sought social peace by means of inflation, introducing not yet existing resources into the capitalist distributional conflict, were able to draw on the magic of modern ‘fiat money’, the amount of which, politics commanding public power, may increase ad libitum

—p.33 by Wolfgang Streeck
uncertain
3 years, 2 months ago

(stagnation + inflation) when inflation is high, the economic growth rate slows, and unemployment remains steadily high

34

With the onset of stagflation – of stagnation despite accelerating inflation

—p.34 by Wolfgang Streeck
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3 years, 2 months ago

With the onset of stagflation – of stagnation despite accelerating inflation

—p.34 by Wolfgang Streeck
notable
3 years, 2 months ago

a performance or achievement that has been accomplished or managed with great skill

34

The monetary stabilization of the world economy in the early 1980s was a tour de force that came with a high political risk

the Reagan/Thatcher era(s) & the beginning of neoliberalism

—p.34 by Wolfgang Streeck
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3 years, 2 months ago

The monetary stabilization of the world economy in the early 1980s was a tour de force that came with a high political risk

the Reagan/Thatcher era(s) & the beginning of neoliberalism

—p.34 by Wolfgang Streeck
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3 years, 2 months ago

of or relating to a paradigm

40

The development of the leading country of modern capitalism, the United States, is paradigmatic

—p.40 by Wolfgang Streeck
notable
3 years, 2 months ago

The development of the leading country of modern capitalism, the United States, is paradigmatic

—p.40 by Wolfgang Streeck
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3 years, 2 months ago

related to "cultural hegemony" in Marxist philosophy (when the ruling class imposes their own worldview on the culture of a society)

46

with a population that would have learned, over years of hegemonic re-education, to regard the distributional outcomes of free markets as fair, or at least as without alternative

—p.46 by Wolfgang Streeck
strange
3 years, 2 months ago

with a population that would have learned, over years of hegemonic re-education, to regard the distributional outcomes of free markets as fair, or at least as without alternative

—p.46 by Wolfgang Streeck
strange
3 years, 2 months ago

defined as inflation of 10% or more

46

the outcome depends on the reaction of owners of investment capital: inflation that turns into galloping inflation may trigger fear of asset losses and lead to capital flight

footnote 76, on the result of inflation or debt being determined by the 'confidence' of investors

—p.46 by Wolfgang Streeck
uncertain
3 years, 2 months ago

the outcome depends on the reaction of owners of investment capital: inflation that turns into galloping inflation may trigger fear of asset losses and lead to capital flight

footnote 76, on the result of inflation or debt being determined by the 'confidence' of investors

—p.46 by Wolfgang Streeck
uncertain
3 years, 2 months ago

a term introduced by Ralf Dahrendorf; refers to when citizens consume rather than save, and thus most money is borrowed (or "pumped")

46

the end of ‘Pumpkapitalismus’, with a not even roughly predictable loss of savings and income from savings, as well as a rise in unemployment and underemployment, as well as further cuts in public services following a new wave of budgetary consolidation

—p.46 by Wolfgang Streeck
unknown
3 years, 2 months ago

the end of ‘Pumpkapitalismus’, with a not even roughly predictable loss of savings and income from savings, as well as a rise in unemployment and underemployment, as well as further cuts in public services following a new wave of budgetary consolidation

—p.46 by Wolfgang Streeck
unknown
3 years, 2 months ago