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Buying Time: The Delayed Crisis of Democratic Capitalism

de Wolfgang Streeck

Outros autores: Veja a seção outros autores.

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"The financial crisis keeps us on edge and creates a diffuse sense of helplessness. Well-nigh unfathomable problems lead to measures that seem like emergency operations on the open heart of the Western world, performed with no knowledge of the patient's clinical history. The gravity of the situation is matched by the paucity of our understanding of it, and of how it came about in the first place. In this book, compiled from his Adorno Lectures given in Frankfurt, Wolfgang Streeck lays bare the roots of the present financial, fiscal and economic crisis, seeing it as part of the long neoliberal transformation of postwar capitalism that began in the 1970s. Linking up with the crisis theories of that decade, he analyses the subsequent tensions and conflicts involving states, governments, voters and capitalist interests--a process in which the defining focus of the European state system has shifted from taxation through debt to budgetary "consolidation." The book then ends by exploring the prospects for a restoration of social and economic stability. Buying Time is a model of enlightenment. It shows that something deeply disturbing underlies the current situation: a metamorphosis of the whole relationship between democracy and capitalism"-- "The financial and economic crisis that began in 2008 still has the world on tenterhooks. The gravity of the situation is matched by a general paucity of understanding about what is happening and how it started. In this book, based on his 2012 Adorno Lectures given in Frankfurt, Wolfgang Streeck places the crisis in the context of the long neoliberal transformation of postwar capitalism that began in the 1970s. He analyses the subsequent tensions and conflicts involving states, governments, voters and capitalist interests, as expressed in inflation, public debt, and rising private indebtedness. Streeck traces the transformation of the tax state into a debt state, and from there into the consolidation state of today. At the centre of the analysis is the changing relationship between capitalism and democracy, in Europe and elsewhere, and the advancing immunization of the former against the latter"--… (mais)
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“De hedendaagse crisis is het gevolg van de ineenstorting van de schuldenpiramide, die bestond uit de gekapitaliseerde beloftes van een groeikapitalisme dat al lang geen groei meer kende….”
In een notendop het kernthema dat in dit boek wordt behandeld. In drie hoofdstukken beschrijft Streeck de gang van legitimatiecrisis naar begrotingscrisis, vervolgens beschrijft en analyseert hij de neoliberale hervorming van belastingstaat naar schuldenstaat die uiteindelijk overgaat in een (soort) consolidatiestaat waarin de financiers van de staatsschulden het voor het zeggen hebben en discretionaire bevoegdheden van staten, door wetten en/of verdragen zijn vervangen. Wanneer ‘de markt’ op deze wijze definitief het laatste woord krijgt, zal zij bepalen hoe de economische ordening zal moeten verlopen en is het democratisch kapitalisme een dode letter.

In het boek worden al deze in elkaar overlopende processen, duidelijk beschreven en wordt aan de hand van actuele gebeurtenissen de theorie aan de praktijk getoetst. Dit geldt in mindere mate voor de aangedragen oplossingen; een pleidooi voor een Europees Bretton Woods is theoretisch wel voorstelbaar en ook avontuurlijk maar zal zeker op korte termijn niet realiseerbaar zijn. De schrijver mag dan hopen op initiatieven van “onderaf” maar ook dat zie ik niet één-twee-drie gebeuren.
Een uiterst somber perspectief. ( )
1 vote deklerk | May 19, 2015 |
In this useful book Wolfgang Streek presents images of post 2008 democratic capitalism around his Tax State/ Debt State idea.

Speaking of the West, the Tax State covers the post WW2 period to the late 1970's showing manageable budget deficits, government spending on infrastructure, balanced corporate and union power and general national unity policies with a leftist slant that he clearly approves of.

The Debt State is a different animal involving what he calls the financialization of society. Basically he sees a radically changed world of instant communication and enormously increased competition with Western states unable to afford the welfare commitments that date from their industrial leadership. So what to do?

Streek sees Neoliberalism giving birth to a Debt State in which private and government deficits are "financed" at low interest rates and savers are more or less obliged to take on more debt and speculate in the face of near zero returns on their capital. He records the way that public debt ballooned until 1993, private debt led to the internet (2000) and housing/banking (2008) collapses and how oceans of government QE credit are now giving us the current "recovery".

The core of the book is an interesting discussion of the way in which the Debt State interacts with Democracy.

Essentially debtors lose freedom whether they are individuals or governments, and he shows the neoliberal totemization of Market Confidence above all else, and the absolute abuse of this concept to cow politicians into accepting the whole neoliberal package of unrestricted movement of capital (with the associated threat), unlimited freedom to outsource, and the requirement that the public give 100% backing to the craziest leveraged Wall Street bets.

So far so good, but the author then suggests a dubious solution in returning to the Tax State when (in the opinion of this reviewer) he could have devoted more space to the fundamental issues of outsourcing and economic efficiency + a more positive views of the European Union. Just because it's been captured by "Marktvolk" doesn't mean that it's a bad idea.

This reviewer personally witnessed the Tax State of Great Britain in the early 1970's with high personal taxation, out of control government spending, Keynesianism, nationalization and a Social Contract in the context of an activist Socialist/ Marxist government. As Burk and Cairncross show in their interesting book "Goodbye, Great Britain: The 1976 IMF Crisis" it was a spectacular failure. Great Britain (1974-76) had the highest inflation in Europe, the lowest rise in GNP, the highest unemployment and the lowest output per man/hour in manufacturing and was seen to fail on all counts.

The author is somewhat surprised that Germany still has a successful manufacturing sector and could maybe have incorporated this observation into a broader discussion of outsourcing. Outsourcing (complete international economic freedom) is a central plank of Neoliberalism and is arguably the root cause of structural Western unemployment (and record corporate profits) and the collapse of the Tax State. If COE's like Jack Welch have for years been applying his 70/70/70 rule (70% of research and development should be outsourced, 70% of that should be outsourced offshore, 70% should be outsourced overseas and sent to India) then surely this reduces employment and skills and generates budget and trade deficits.

The author seems to be too focused on Keynesian vs Neoliberalism when in reality the debate has probably moved on. For example Joseph Heath in his interesting book "Economics Without Illusions: Debunking the Myths of Modern Capitalism" suggests that the Left and Right have both developed a malignant form of their respective ideologies. The Left has extended costly government "care" to whole sections of the adult population that like it but shouldn't receive it. The Right tries to dispense with government all together and doesn't recognize that it is a vital framework for growth.

Heath also observes that at a fundamental level, societal/economic efficiency is not a Left/Right issue at all and is basically non-political. Your chosen system either gives you good value health care or it doesn't.

On page 172, Streek says that, "In the Social World one never steps in the same river twice", which is probably true but there are still some striking similarities between the USA of 2014 and Germany of 1918 and his book has a notable Spengler like feel in its opposition of Staatsvolk (social justice) and Marktvolk (market justice). Both countries had/have intractable debts, a dominant market class, democratic gridlock, out of control special interests and failed taxation and both are resorting/resorted to covering current spending with money printing.

The difference is that Streek sees salvation in a return to a Tax State whereas Spengler saw it in, "the final battle between Democracy and Caesarism, between the leading forces of dictatorial money-economics and the purely political will-to-order of the Caesars". An interesting difference.

With regard to Europe he seems unduly pessimistic. The EEC has brought peace, the free movement of labour and a single currency which do have some positive aspects which he ignores. Also, even the strongest critics of Europe (such as Nigel Farage of the UK Independence Party) are often not at all personally hostile to their fellow Europeans. They actually quite like Europe and only object to the grossly inefficient special interest Neoliberal Market Construction that has taken control of the project.

Nevertheless, this is certainly a key book in the conversation about the Debt State/ Democracy and is highly recommended. ( )
1 vote Miro | Jun 22, 2014 |
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Nome do autorFunçãoTipo de autorObra?Status
Wolfgang Streeckautor principaltodas as ediçõescalculado
Camiller, PatrickTradutorautor secundárioalgumas ediçõesconfirmado
Hemelrijk, WillyTradutorautor secundárioalgumas ediçõesconfirmado
Joly, FrédéricTradutorautor secundárioalgumas ediçõesconfirmado

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Introduction
La théorie de la crise - A l'époque, aujourd'hui

Ce livre est la version augmentée des Conférences Adorno que j’ai tenues au mois de juin 2012, presque quarante ans exactement après l’obtention de mon diplôme de sociologie
à l’université de Francfort. [...]
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"The financial crisis keeps us on edge and creates a diffuse sense of helplessness. Well-nigh unfathomable problems lead to measures that seem like emergency operations on the open heart of the Western world, performed with no knowledge of the patient's clinical history. The gravity of the situation is matched by the paucity of our understanding of it, and of how it came about in the first place. In this book, compiled from his Adorno Lectures given in Frankfurt, Wolfgang Streeck lays bare the roots of the present financial, fiscal and economic crisis, seeing it as part of the long neoliberal transformation of postwar capitalism that began in the 1970s. Linking up with the crisis theories of that decade, he analyses the subsequent tensions and conflicts involving states, governments, voters and capitalist interests--a process in which the defining focus of the European state system has shifted from taxation through debt to budgetary "consolidation." The book then ends by exploring the prospects for a restoration of social and economic stability. Buying Time is a model of enlightenment. It shows that something deeply disturbing underlies the current situation: a metamorphosis of the whole relationship between democracy and capitalism"-- "The financial and economic crisis that began in 2008 still has the world on tenterhooks. The gravity of the situation is matched by a general paucity of understanding about what is happening and how it started. In this book, based on his 2012 Adorno Lectures given in Frankfurt, Wolfgang Streeck places the crisis in the context of the long neoliberal transformation of postwar capitalism that began in the 1970s. He analyses the subsequent tensions and conflicts involving states, governments, voters and capitalist interests, as expressed in inflation, public debt, and rising private indebtedness. Streeck traces the transformation of the tax state into a debt state, and from there into the consolidation state of today. At the centre of the analysis is the changing relationship between capitalism and democracy, in Europe and elsewhere, and the advancing immunization of the former against the latter"--

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