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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.
May 16, 2019 · It points to the periodizations emanating from the non-Marxist literature a-la-Bell: pre-industrial, industrial, and post-industrial society; and to periodizations in Marxist writings: competitive capitalism, monopoly capitalism, and late capitalism.
- Richard Westra
- 2019
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.
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.
- 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.
Mar 9, 2018 · The latest financial crisis of 2008 and the subsequent Euro crisis have changed thinking about the complementary nature of capitalism and democracy. Both theoretical and empirical analysis reveal an increasing number of contradictions—even incompatibilities—between capitalism and democracy.
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Jul 7, 2011 · The former produces stark inequalities in the distribution of property and income, while the latter divides power in a manner that is in principle egalitarian (one person, one vote). So why don’t the poor soak the rich? And if they do, how can capitalism be viable as an economic system?
