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The subsequent decades of the 1980s and 1990s saw profound transformations in both the growth and representation regimes – shifting the relationship between capitalism and democracy and ushering in a different set of distributive outcomes.
- Abstract
- Representation regimes
- Dynamics
- Acknowledgements
This paper argues that the relationship between capitalism and democracy is not immutable but subject to changes over time best understood as movements across distinctive growth and representation regimes. Growth regimes are the institutionalized practices central to how a country secures economic prosperity based on complementary sets of firm str...
Two issues are central to contemporary debates about the relationship between capitalism and democracy. The first, normally given the most attention, is: how much control do democratic governments exert over capitalist economies? But, since democracies are representative systems designed to speak for a popular will, an equally important issue is...
This account is revealing about the dynamics through which capitalism and democracy change. Growth regimes and representation regimes are mutually constitutive of each other. As a result, the process whereby they change is marked by multiple endogeneities rather than stark lines of causality. Firm strategies at the heart of growth regimes respon...
For comments on a draft of this paper, I am grateful to Peter Gourevitch, Deborah Mabbett, Jonas Pontusson, Mark Schwartz, Waltraud Schelkle, Ron Rogowski, Yeling Tan and Nicholas Ziegler. Georgina Evans provided helpful research assistance.
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Jul 10, 2021 · Up to the 1990s, the embedded liberalism compromise seemed to be reconciling democracy and global capitalism. Embedded liberalism, however, has come under sustained pressure as globalization has advanced.
May 22, 2024 · Whereas the Golden Age of Capitalism was characterized by cooperation and sociopolitical expansion, the neoliberal program fits on a beer coaster: “When everyone thinks of himself, everyone is thought of.” The 1980s and 1990s thus saw a different, colder wind blow through political economies.
May 16, 2019 · Beginning in the 1970s and continuing into the 1980s and 1990s a spate of largely non-Marxist writings attempted to capture momentous changes that major, advanced economies were undergoing. Particularly significant among the changes were the expansion of service...
- Richard Westra
- 2019
In 1980–1, ‘Reaganomics’ suddenly ignited new tensions between the US and their EEC partners, who harshly criticised Washington's policies of high interest rates, which were deemed to provoke an increasing outflow of capital from Western Europe into the US markets.
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Dec 31, 2023 · Despite neoliberal policies, the real market stagnation that started in the 1970s could not be eliminated, and the greed for more profit in financial markets led to a shift in the focus of capitalists from real markets to financial markets during the 1980s and 1990s.
