Context of the Economic Crisis

Wolfgang Streeck has written a clear, concise review of the historical context of the current economic crisis, “The Crisis in Conflict: Democratic Capitalism and Its Contradictions” available in PDF format from The European University Institute.

Streeck writes from the position that democratic capitalism is inherently contradictory, on the one hand promoting social values based on entitlements or rights, on the other hand depending on market values based on marginal productivity — merit, in the largest sense. The conflict, Streeck argues, is irreconcilable and for now the market values have won and democracy has to be suspended.

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