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My argument is that changes in representation regimes, closely tied to shifting cleavage structures in electoral politics, alter the balance of influence between capitalism and democracy, with consequences for both the trajectory of public policy and 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.
Oct 24, 2024 · August 31, 2021, Paper: "This article 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.
The analysis examines how the growth and representation regimes of the developed dem-ocracies have changed through three post-war eras to yield distinctive distributive out-comes in each era. Keywords: capitalism; democracy; growth regimes; representation; political economy.
The relation between capitalism and democracy dominates the polit-ical theory of the last two centuries. All the logically possible points of view are represented in a rich litera-ture. It is this ambivalence and dia-lectic, this tension between the two major problem solving sectors of modern society-the political and the economic-that is the ...
The global financial crisis since 2008 has manifested and intensified the critical elements of this new divergence: It has once more changed the relationship between the economy and the state, capitalism and democracy. The crisis of capitalism threatens to turn into a crisis of democracy.
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In each of these periods, the growth regime and representation regime shifts, thereby altering the balance between democracy and capitalism. Hall concluded that while capitalism always influences public policy, democratic governments can also impose serious constraints on the operation of capitalism offsetting some of its most adverse effects.
