Overview

The era of hyperglobalization once hailed as the 'end of history' was characterised by boundless capitalist expansion. The neoliberal revolution gave rise to a politics of scale aimed at the centralization and unification of states and state systems: the replacement of national with global governance or, in Europe, of the nation-state with a supranational superstate, the European Union. The 'New World Order' proclaimed by the United States in the wake of the Soviet collapse proved to be ungovernable by democratic means. Instead, it was ruled through a combination of technocracy and mercatocracy, failing spectacularly to provide for political stability, social legitimacy and international peace. Marked by a series of economic and institutional crises, hyperglobalization gave rise to various kinds of political countermovements that rebelled against and ultimately stopped the upward transfer of state authority in its tracks. This book analyses the ongoing tug-of-war between the forces of globalism and democracy, of centralization and decentralization, and unification and differentiation of states and state systems, and how they are tied to the advance of global capitalism and the prospects for its social and democratic regulation. Exploring the possibility for states and the societies they govern to take back control over their collective fate, the book is an attempt at a renewed theory of the state in political economy. Inspired by the work of Karl Polanyi and John Maynard Keynes, it discusses the potential outlines of a state system allowing for democratic governance within and peaceful cooperation between sovereign nation-states.

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9781839767296

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The most interesting person around today on the subject of the relationship between democracy and capitalism. -- Christopher Bickerton, University of Cambridge The most interesting person on the most urgent subject of our times. -- Aditya Chakrabortty * Guardian * Praise for How Will Capitalism End?: At the heart our era's deepening crisis there lies a touching faith that capitalism, free markets and democracy go hand in hand. Wolfgang Streeck's new book deconstructs this myth, exposing the deeply illiberal, irrational, anti-humanist tendencies of contemporary capitalism. -- Yanis Varoufakis, author of And the Weak Suffer What They Must? Praise for How Will Capitalism End?: Streeck's title question-though never answered-opens a window onto the conflict between capitalism and democracy in the neoliberal era. That such a conflict exists is no surprise in Brazil, and still hidden to many in the United States, but a rude and inescapable shock to those who grew up with the comfortable illusions and utopian hopes of post-war Europe. -- James Galbraith, author of The End of Normal Praise for How Will Capitalism End?: Neoliberalism continues to delimit political choice across the globe yet it is clear that the doctrine is in severe crisis. In Wolfgang Streeck's powerful new book How Will Capitalism End? Streeck demonstrates that the maladies afflicting the world-from secular stagnation to rising violent instability-herald not just the decline of neoliberalism, but what may prove to be the terminal phase of global capitalism. -- Paul Mason, author of Postcapitalism Praise for How Will Capitalism End?: An important and stimulating book. It is especially interesting in the light of fashionable preoccupations with secular stagnation, the march of robots and the lamentable performance of most leading economies since the onset of the financial crisis. -- William Keegan, author of Mr Osborne's Economic Experiment Praise for How Will Capitalism End?: Streeck writes devastatingly and cogently . How Will Capitalism End? provides not so much a forecast as a warning. -- Martin Wolf * Financial Times * Praise for How Will Capitalism End?: Democratic capitalism is in bad shape. The crisis of 2007-09 and subsequent election of Donald Trump demonstrate that. In this book, German sociologist Streeck argues that capitalism is doomed, as many have before. But he does not believe it will be replaced by something better. Instead a new Dark Ages lies ahead. * Financial Times [Best Economics Books 2016] * Praise for How Will Capitalism End?: This collection will be at the centre of social research for years to come. * Times Higher Education [Books of 2016] * Praise for How Will Capitalism End?: Streeck has become one of Europe's most sophisticated and pessimistic left-wing Euroskeptics. His criticism of the eurozone is powerful. -- Jamie Martin * Bookforum * Praise for How Will Capitalism End?: Not one to embrace the 'voluntaristic illusions' of 'we the people,' Streeck sees such fantasies as part of a deeper structural crisis. Neoliberalism, in fragmenting workers and consumers into desperately precarious personal brands, has made mass organization effectively impossible, while traditional political channels have been systematically choked off. Capitalism, therefore, won't be overthrown. It will kill itself through its own power to overcome the restraints that bind it. -- Greg Afinogenov * n+1 * Praise for Buying Time: Reminds one of Karl Marx's Eighteenth Brumaire of Louis Bonaparte. -- Jurgen Habermas Praise for Buying Time: A superbly provocative work of political economy. -- Aditya Chakrabortty * Guardian * Praise for Buying Time: For anyone interested in understanding the bind democracies are in, this is a vital if sobering book which has a troubling, if convincing, conclusion. -- Matthew Lawrence * Prospect * Praise for Buying Time: Streeck has here provided an excellent and challenging account of the current state of relations between capitalism and democracy. His concept of a state whose democratic responsibilities to voters are required systematically to be shared with and often trumped by those to creditors takes us a major step forward. -- Colin Crouch, author of Coping With Post-Democracy Praise for Buying Time: Argues that ever since the 1970s, governments in the west have been 'buying time' for the existing social and political order. A timely corrective. -- Larry Elliott * Guardian * Praise for Critical Encounters: A compelling and distinctive analysis of the current political moment. -- Hans Kundnani * The World Today *

The most interesting person around today on the subject of the relationship between democracy and capitalism. -- Christopher Bickerton, University of Cambridge The most interesting person on the most urgent subject of our times. -- Aditya Chakrabortty * Guardian * Praise for How Will Capitalism End? * : * At the heart our era's deepening crisis there lies a touching faith that capitalism, free markets and democracy go hand in hand. Wolfgang Streeck's new book deconstructs this myth, exposing the deeply illiberal, irrational, anti-humanist tendencies of contemporary capitalism. -- Yanis Varoufakis, author of <i>And the Weak Suffer What They Must?</i> Streeck's title question - though never answered - opens a window onto the conflict between capitalism and democracy in the neoliberal era. That such a conflict exists is no surprise in Brazil, and still hidden to many in the United States, but a rude and inescapable shock to those who grew up with the comfortable illusions and utopian hopes of post-war Europe. -- James Galbraith, author of <i>The End of Normal</i> Neoliberalism continues to delimit political choice across the globe yet it is clear that the doctrine is in severe crisis. In Wolfgang Streeck's powerful new book How Will Capitalism End? Streeck demonstrates that the maladies afflicting the world - from secular stagnation to rising violent instability - herald not just the decline of neoliberalism, but what may prove to be the terminal phase of global capitalism. -- Paul Mason, author of <i>Postcapitalism</i> An important and stimulating book. It is especially interesting in the light of fashionable preoccupations with secular stagnation, the march of robots and the lamentable performance of most leading economies since the onset of the financial crisis. -- William Keegan, author of <i>Mr Osborne's Economic Experiment</i> Streeck writes devastatingly and cogently ... How Will Capitalism End? provides not so much a forecast as a warning. -- Martin Wolf * Financial Times * Democratic capitalism is in bad shape. The crisis of 2007-09 and subsequent election of Donald Trump demonstrate that. In this book, German sociologist Streeck argues that capitalism is doomed, as many have before. But he does not believe it will be replaced by something better. Instead a new Dark Ages lies ahead. * Financial Times, Best Economics Books 2016 * This collection will be at the centre of social research for years to come. * Times Higher Education, Books of 2016 * Streeck has become one of Europe's most sophisticated and pessimistic left-wing Euroskeptics. His criticism of the eurozone is powerful. -- Jamie Martin * Bookforum * Not one to embrace the 'voluntaristic illusions' of 'we the people,' Streeck sees such fantasies as part of a deeper structural crisis. Neoliberalism, in fragmenting workers and consumers into desperately precarious personal brands, has made mass organization effectively impossible, while traditional political channels have been systematically choked off. Capitalism, therefore, won't be overthrown. It will kill itself through its own power to overcome the restraints that bind it. -- Greg Afinogenov * n+1 * Praise for Buying Time * : * Reminds one of Karl Marx's Eighteenth Brumaire of Louis Bonaparte. -- Jurgen Habermas A superbly provocative work of political economy. -- Aditya Chakrabortty * Guardian * For anyone interested in understanding the bind democracies are in, this is a vital if sobering book which has a troubling, if convincing, conclusion. -- Matthew Lawrence * Prospect * Streeck has here provided an excellent and challenging account of the current state of relations between capitalism and democracy. His concept of a state whose democratic responsibilities to voters are required systematically to be shared with and often trumped by those to creditors takes us a major step forward. -- Colin Crouch, author of <i>Coping With Post-Democracy</i> Argues that ever since the 1970s, governments in the west have been 'buying time' for the existing social and political order. A timely corrective. -- Larry Elliott * Guardian *

Author Information

Wolfgang Streeck is Director Emeritus at the Max Planck Institute for the Study of Societies in Cologne. He is a member of the Berlin Brandenburg Academy of Sciences and a Corresponding Fellow of the British Academy. His books include Buying Time, How Will Capitalism End? and Critical Encounters.

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