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Abstract:
Five years after the Lehman Brothers collapse, the crisis of advanced capitalist economies is far from over. Growth is sluggish, debt continues to rise, and social inequality is exploding. As the capitalist global economy is kept alive by unprecedented infusions of central bank money, old questions of the compatibility of capitalism and democracy are returning. The marketization of Polanyi’s three fictitious commodities - labour, nature and money - seems to have hit a limit, and the same may be true for technological innovation. Moreover, persistent public deficits seem to indicate a rising tension between private appropriation and a growing need for collective provision. Professor Streeck asked, are we facing a systemic crisis of the capitalist social order?
