[P2P-F] Fwd: [NetworkedLabour] Democratic Capitalism in the Last Stages?

Michel Bauwens michel at p2pfoundation.net
Thu Dec 10 13:30:54 CET 2015

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From: Orsan <orsan1234 at gmail.com>
Date: Thu, Dec 10, 2015 at 6:45 PM
Subject: [NetworkedLabour] Democratic Capitalism in the Last Stages?
To: networkedlabour at lists.contrast.org,
WorldSocialForum-Discuss at openspaceforum.net

Democratic Capitalism in the Last Stages?

Capital as Agency in Wolfgang Streeck’s Analysis of the Crisis

Wolfgang Streeck’s Gekaufte Zeit/ Buying Time contains a compelling
analysis that points to the origins of the current crisis in the wave of
strikes of 1968-69. It caused the capitalist class to try and wrest free
from the post-war social (-democratic) contract forced on it by labour.
However, not only does Streeck not pay attention to imperialism and war, he
also tends to assume that capital-as-agency governed the entire period
since, attempting to postpone the full social impact of the crisis in three
different ways, restricting democracy as it went along. However, the three
periods he distinguishes (inflation, state debt and private debt) were
directed by changing coalitions of capitalist interests uniting behind a
different concept of control—corporate liberalism and two versions of
neoliberalism. This highlights that in 2008, when these remedies all had
exhausted themselves, capital-as-agency in command was the bloc of forces
led by speculative, money-dealing capital, which in the 1990s had captured
the states of the West and steered them onto a path of high-risk,
high-reward policies both in the economy proper and in international
affairs. This explains why after 2008, solutions to the crisis followed
this particular political-economic orientation, with more risk-taking in
all areas on the agenda.

Full paper:

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