Democracy And The Capitalist State

This book examines one of the key issues in the analysis of the capitalist state: its relationship with democracy. To what extent can a capitalist state be democratised? Where and how do democratic institutions intervene in the management and control of capitalism? These questions and more are the subject of this book.

One outcome of the declining economic growth and rising political conflict of the 1980s has been a renewed interest in political theory and increased questioning about the durability of the capitalist state. More and more political scientists are critically assessing the prevailing pluralist vision of the relationships between the state and the economy. Is the capitalist state able to adjust to crises and contradictions? What is the role of the state in changing—deteriorating—economic circumstances? How should we understand competing interpretations on the relative autonomy of the state, the nature of property rights, the legitimation crisis? This collection of five original essays by seven of the best-known political-economy theorists addresses the interconnections between the economy and the polity and embodies the leading theoretical approaches to the political economy of the state.

The end of the Cold War ushered in an age of American triumphalism best characterized by the "Washington Consensus:" the idea that free markets, democratic institutions, limitations on government involvement in the economy, and the rule of law were the foundations of prosperity and stability. The last fifteen years, starting with the Asian financial crisis, have seen the gradual erosion of that consensus. Many commentators have pointed to the emergence of a powerful new rival model: state capitalism. In state capitalist regimes, the government typically owns firms in strategic industries. Not beholden to private-sector shareholders, such firms are allowed to operate with razor-thin margins if the state deems them strategically important. China, soon to be the world's largest economy, is the best known state capitalist regime, but it is hardly the only one. In State Capitalism, Joshua Kurlantzick ranges across the world--China, Thailand, Brazil, Russia, South Africa, Turkey, and more--and argues that the increase in state capitalism across the globe has, on balance, contributed to a decline in democracy. He isolates some of the reasons for state capitalism's resurgence: the fact that globalization favors economies of scale in the most critical industries, and the widespread rejection of the Washington Consensus in the face of the problems that have plagued the world economy in recent years. That said, a number of democratic nations have embraced state capitalism, and in those regimes, state-backed firms like Brazil's Embraer have enjoyed considerable success. Kurlantzick highlights the mixed record and the evolving nature of the model, yet he is more concerned about the negative effects of state capitalism. When states control firms, whether in democratic or authoritarian regimes, the government increases its advantage over the rest of society. The combination of new technologies, the perceived failures of liberal economics and democracy in many developing nations, the rise of modern kinds of authoritarians, and the success of some of the best-known state capitalists have created an era ripe for state intervention. State Capitalism offers the sharpest analysis yet of what state capitalism's emergence means for democratic politics around the world.

Focusing on the role of the state in capitalist society, by showing the welfare state as an historical product of the class structure of English agrarian capitalism, this volume addresses price and technical choice in capitalism, and economic democracy within socialism, defending direct democracy and economic calculation in terms of labor time.

An evaluation of different theories of the nature of the state in capitalist democracies.

One outcome of the declining economic growth and rising political conflict of the 1980s has been a renewed interest in political theory and increased questioning about the durability of the capitalist state. More and more political scientists are critically assessing the prevailing pluralist vision of the relationships between the state and the economy. Is the capitalist state able to adjust to crises and contradictions? What is the role of the state in changing--deteriorating--economic circumstances? How should we understand competing interpretations on the relative autonomy of the state, the nature of property rights, the legitimation crisis? This collection of five original essays by seven of the best-known political-economy theorists addresses the interconnections between the economy and the polity and embodies the leading theoretical approaches to the political economy of the state.

What, and who, are we working for? A thoughtful assessment on our current society from “probably America’s most prominent Marxist economist” (The New York Times). Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve. One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers managing their own workplaces, as the basis for a genuine political democracy. Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action. “Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky, leading public intellectual and author of Hope and Prospects