an old, though perhaps not venerable, concept

Its favourite narrative is of excessive demands on the ‘common pool’

The standard economic theory of politics – which should not be confused with the political theory of the economy in the Marxian tradition

That the intensification of the fiscal crisis after 2008 is attributable to the financial crisis rather than a surfeit of democracy is borne out by quantitative studies that have found a positive correlation between the size of a country’s financial sector and the scale of new debt taken on in the wake of the crisis

The losers from the neoliberal turn cannot see what they might get from a change of government; the TINA (‘There is no alternative’) politics of ‘globalization’ has long arrived at the bottom of society where voting no longer makes a difference in the eyes of those who would have most to gain from political change

the radical Left was constantly on the alert for an anti-democratic putsch

Two competing principles of distribution were institutionalized in the political economy of postwar democratic capitalism: what I shall call market justice on the one hand and social justice on the other.

Those involved in such cases could appeal to the ‘court of equity’

a cumulative advantage in line with what has been called the Matthew principle

In their rhetoric and ideational policy, the champions of market justice seek to gain the upper hand by denouncing social justice as ‘political’ (in the sense of particularist) and therefore as dirty or corrupt

In their rhetoric and ideational policy, the champions of market justice seek to gain the upper hand by denouncing social justice as ‘political’ (in the sense of particularist) and therefore as dirty or corrupt

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

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’.

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

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

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

a stylized model of the contemporary debt state as addressee and mandatary of two differently constituted collectives

This clears the way for discursive distinctions

There is no place in the long-hegemonic Sprachspiel of a neoliberal national holism for the idea that the first to bail out the Greek banks should be their own shareholders and those who pocketed the profits, value increases, incomes and bonuses of recent years

Whereas neonationalist public discourse blames excessive national debt levels on the easy life that one country’s citizens made for themselves