Economic Elites Crises And Democracy

Andres Solimano examines the growing divide between rich elites and everyone else, the fragmentation of the middle class under global capitalism, the economy's tendencies to experience frequent financial crises, the limits of austerity policies, and the internationalization of elites, migrant diaspora, and social movements.

Most political regimes, whether authoritarian or democratic, are born in abrupt, brutal, and momentous crises. In this volume, a group of prominent scholars explores how these seminal events affect elites and shape regimes. Combining theoretical and case study chapters, the authors draw from a wide range of historical and contemporary examples to challenge mainstream developmental explanations of political change, which emphasize incremental changes and evolutions stretching over generations.

Examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth century.

Elites are 'on trial' firstly for their role in the past and shaping the context for the crisis, secondly in terms of how they responded to the crisis and finally in terms of what role they are playing in the aftermath. This book is concerned with what happens when elites are challenged by crisis and helps us understand 'elites on trial'.

Liberal democracies on both sides of the Atlantic find themselves approaching a state of emergency, beset by potent populist challenges of the right and left. But what exactly lies at the core of widespread dissatisfaction with the status quo? And how can the challenge be overcome? In Democracy in Crisis, Christian Lammert and Boris Vormann argue that the rise of populism in North Atlantic states is not the cause of a crisis of governance but its result. This crisis has been many decades in the making and is intricately linked to the rise of a certain type of political philosophy and practice in which economic rationality has hollowed out political values and led to an impoverishment of the political sphere more broadly. The process began in the 1980s, when the United States and Great Britain decided to unleash markets in the name of economic growth and democracy. After the fall of the Berlin Wall, several countries in Europe followed suit and marketized their educational, social, and healthcare systems, which in turn increased inequality and fragmentation. The result has been a collapse of social cohesion and trust that the populists promise to address but only make worse. Looking to the future, Lammert and Vormann conclude their analysis with concrete suggestions for ways politics can once again be placed in the foreground, with markets serving social relations rather than the reverse.

Beliefs held by US and European elites about unregulated markets and a currency union without fiscal union led to a transatlantic crisis unmatched in severity since the Great Depression. Leading scholars of elites analyze how elites have responded to the crisis, are altered by it and what this 'hour of elites' means for democracy.

This distinctive book presents valuable new research on the political and economic elites that have emerged in Central and Eastern Europe since the demise of state socialism. Integrating theoretically informed analysis with fresh empirical data, the contributors significantly enhance our understanding of the evolution and interplay of elites in the post-communist period. Leading experts explore the elite circulations, differentiations, and competitions that now underpin-- but in some countries also still inhibit--democratic stability and economic growth. A provocative concluding chapter assesses the century-long confrontation between elite theory and Marxism and where they stand today, after state socialismOs collapse.

DEMOCRACY UNDER STRESS focuses on the global financial crisis of 2008-2009 and its implications for democracy. Why and how did the crisis come about? Are there any instructive lessons to be drawn from comparisons with the Great Depression of the 1930s? What are the democratic response mechanisms to cope with serious crises? Do they work? Is China a new trend setter? Do values matter? Are global democratic rules a possibility? These are some of the key questions addressed in the volume.