Markets and peoples: democratic capitalism and European integration

This article was written as an epilogue for a German translation of an earlier essay, "The Crisis of Democratic Capitalism" (NLR no. 71, pp.5-29, Sep 2011-Oct 2011), which described the fundamental contradiction in postwar "democratic capitalism" between the interests of capital...

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Bibliographic Details
Published in:New Left review 2012-01, Vol.73 (73), p.63-71
Main Author: Streeck, Wolfgang
Format: Article
Language:English
Subjects:
Accession
Capitalism
Certainty
Debts
Europe
European integration
European Union
External debt
Financial crisis
International governance
Leadership
Markets
Summit conferences
Summits
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Summary:This article was written as an epilogue for a German translation of an earlier essay, "The Crisis of Democratic Capitalism" (NLR no. 71, pp.5-29, Sep 2011-Oct 2011), which described the fundamental contradiction in postwar "democratic capitalism" between the interests of capital markets and those of voters. The present text observes the unfolding of the dialectic of democracy and capitalism at breathtaking speed in the current Eurozone debt crisis, where the political fallout in Greece and Italy provides loud amplification of the clash between popular and financial interests. Escaping the dictatorship of capital markets depends on reversing the trend of ever-deepening social division - a democratic solution that seems so impossible today we shy away even from naming it, so as not to seem stuck in the past. (Quotes from original text)
ISSN:0028-6060