Buying Time: The Delayed Crisis of Democratic Capitalism

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    Wolfgang Streeck

    Publisher: Verso

    Year: 2017

    Format: Paperback

    Size: 288 pages

    ISBN: 9781786630711

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The aftershocks of the economic crisis that began in 2008 still rock the world, and have been followed by a crisis in democratic governance. The gravity of the situation is matched by a general paucity of understanding as to precisely what is happening and how it started.

In this new edition of a highly acclaimed book, Wolfgang Streeck revisits his recent arguments in the light of Brexit and the continued crisis of the EU. These developments are only the latest events in the long neoliberal transformation of postwar capitalism that began in the 1970s, a process that turned states away from tax toward debt as a source of revenue, and from that point into the ā€˜consolidation stateā€™ of today. Central to this analysis is the changing relationship between capitalism and democracyā€”in Europe and elsewhereā€”and the advancing immunization of the former against the latter.

What People Are Saying

ā€œA superbly provocative work of political economy.ā€ Aditya Chakrabortty, Guardian

ā€œFor anyone interested in understanding the bind democracies are in, this is a vital if sobering book which has a troubling, if convincing, conclusion.ā€ Matthew Lawrence, Prospect

ā€œIs electoral democracy compatible with the type of economic policies the EUā€”backed at a distance by Washington and Wall Streetā€”wants to impose? This is the question posed by the Cologne-based sociologist Wolfgang Streeck in Buying Time, a book that is provoking debate in Germany. Streeck argues that since Western economic growth rates began falling in the 1970s, it has been increasingly hard for politicians to square the requirements of profitability and electoral success; attempts to do so (ā€˜buying timeā€™) have resulted in public spending deficits and private debt. The crisis has brought the conflict of interests between the financial markets and the popular will to a head: investors drive up bond yields at the ā€˜riskā€™ of an election. The outcome in Europe will be either one or the other, capitalist or democratic, Streeck argues; given the balance of forces, the former appears most likely to prevail. Citizens will have nothing at their disposal but wordsā€”and cobblestones.ā€ Susan Watkins, London Review of Books

ā€œStreeck has here provided an excellent and challenging account of the current state of relations between capitalism and democracy. His concept of a state whose democratic responsibilities to voters are required systematically to be shared with and often trumped by those to creditors takes us a major step forward.ā€ Colin Crouch, author of Coping With Post-Democracy

ā€œArgues that ever since the 1970s, governments in the west have been ā€˜buying timeā€™ for the existing social and political order ā€¦ a timely corrective.ā€ Larry Elliott, Guardian

ā€œIn its best partsā€”when political passion connects with critical exposition of the facts and incisive argumentā€”Streeckā€™s sweeping and empirically founded inquiry reminds one of Karl Marxā€™s Eighteenth Brumaire of Louis Bonaparte.ā€ JĆ¼rgen Habermas

ā€œLogically organized, well argued, scholarly informed, and rich in theoretical references and statistical series covering nearly six decades.ā€ Robert Boyer, ILR Review

ā€œ[Buying Time] reinvigorates the tradition to reflect on the inherent friction between democracy and capitalism in broad historical analyses ā€¦ Without any doubt, Buying Time developes a fascinating and highly compelling narrative of the delayed crisis of capitalism. [One of the] must reads for everyone interested in the Eurozone crisis and critique of capitalism more broadlyā€”with an academic background or as an interested citizen.ā€ Elias Steinhilper and Haris Malamidis, European Political Science

Book Details

Author: Wolfgang Streeck
Format: Paperback
ISBN: 9781786630711
Size: 288 pages
Publisher: Verso
Year: 2017

Tags: anticapitalism ....... economics ....... europe ....... Verso ....... Wolfgang Streeck .......