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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.
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.
The environment for democracy has been further transformed by other slow-moving changes, among them the shift toward neoliberal economic policies, the legacy of the wars in Iraq and Afghanistan, and lowered expectations regarding democratic transitions.
- 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.
May 24, 2016 · In a process unfolding over multiple stages – Thatcher (1979), Reagan (1980), and the Washington Consensus (1990) being particularly visible milestones – capitalism decoupled itself from democratic governance, step by step, from its social obligations and its political embedding (Streeck 2014, pp. 1, 5).
- Wolfgang Merkel
- wolfgang.merkel@wzb.eu
- 2016
Anything but a monolithic body of thought, neoliberalism has historically germinated along several intellectual and political strands, whose manifold shapes include, first, the Austro-Americans (i.e. F.A. von Hayek, L. von Mises) and their conceptualisation of the market economy as the outcome of unplanned interactions among actors provided with...
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Jul 10, 2021 · Global capitalism seems to be placing democracy, especially liberal democracy, under considerable stress. Support for populism has surged, especially for extreme right parties with populist and...
