theories that postulated in the 1970s an impending ‘legitimation crisis’ of ‘late capitalism’

the late 1970s is a good anchor point. By the end of that decade the country was engulfed in what sociologist Greta Krippner describes as a simultaneous social, fiscal, and legitimation crisis. The United States had overextended itself trying to manage both its domestic and overseas geopolitical projects. Military defeat, unrest at home and abroad, and increasing competition from European and Japanese firms led to skyrocketing inflation and rising unemployment.

legitimation crises typically unfold at a different pace and rhythm to stock market crashes