Activity

The rise of creditors to become the second ‘constituency’ of the modern state

Evidently, the greater international mobility of industrial and finance capital has raised its ‘reservation profit

in a capitalist socio-economic order it operated as an ‘expropriated state’ devoid of the resources it needed to carry out its tasks

The expectation of distributive moderation contradicts the model of Homo oeconomicus and can be reconciled with it only on the assumption, axiomatic in labour economics, that workers are ‘risk-averse’.

the functionalist view that it expressed a growing need for public investment and curative measures to accompany capitalist development– measures that repaired the damage caused by capital accumulation as well as creating the conditions for further growth