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Elective affinity or comprehensive contradiction?: Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states

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Elective affinity or comprehensive contradiction? Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states. / Jessop, Bob.
In: Berliner journal fur soziologie, Vol. 28, No. 1-2, 11.2018, p. 9-37.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Jessop, B 2018, 'Elective affinity or comprehensive contradiction? Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states', Berliner journal fur soziologie, vol. 28, no. 1-2, pp. 9-37. https://doi.org/10.1007/s11609-018-0371-9

APA

Jessop, B. (2018). Elective affinity or comprehensive contradiction? Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states. Berliner journal fur soziologie, 28(1-2), 9-37. https://doi.org/10.1007/s11609-018-0371-9

Vancouver

Jessop B. Elective affinity or comprehensive contradiction? Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states. Berliner journal fur soziologie. 2018 Nov;28(1-2):9-37. doi: 10.1007/s11609-018-0371-9

Author

Jessop, Bob. / Elective affinity or comprehensive contradiction? Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states. In: Berliner journal fur soziologie. 2018 ; Vol. 28, No. 1-2. pp. 9-37.

Bibtex

@article{5343ecbed76d4841a49169354069fe04,
title = "Elective affinity or comprehensive contradiction?: Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states",
abstract = "The often-asserted relation of formal adequacy or elective affinity between capitalism and democracy is historically contingent on both sides of the relation. First, it holds for what Weber called formally rational capitalism - which is the form that Marx had previously investigated in Das Kapital - rather than others, such as traditional commercial capitalism or politically oriented capitalism. Second, it holds only to the extent that the comprehensive contradiction identified by Marx at the heart of the democratic constitution can be resolved: the contradiction between auniversal franchise that potentially gives subaltern classes control over legislative and executive powers and aconstitution that protects property rights favourable to capital. Building upon Poulantzas, it is then argued that these conditions are being undermined by the rise of new forms of political capitalism, especially finance-dominated accumulation, that are facilitated in turn by the consolidation of both neoliberalism and authoritarian statism. This involves the intensification of exceptional elements in aformally democratic shell, and the emergence of apermanent state of austerity. The article concludes with comments on the limits of finance-dominated accumulation and the austerity state.",
keywords = "Austerity state, Authoritarian statism, Exceptional state, Financialization, Liberal democracy, Neoliberalism, Political capitalism, welfare state",
author = "Bob Jessop",
year = "2018",
month = nov,
doi = "10.1007/s11609-018-0371-9",
language = "English",
volume = "28",
pages = "9--37",
journal = "Berliner journal fur soziologie",
issn = "0863-1808",
publisher = "VS VERLAG SOZIALWISSENSCHAFTEN-GWV FACHVERLAGE GMBH",
number = "1-2",

}

RIS

TY - JOUR

T1 - Elective affinity or comprehensive contradiction?

T2 - Reflections on capitalism and democracy in the time of finance-dominated accumulation and austerity states

AU - Jessop, Bob

PY - 2018/11

Y1 - 2018/11

N2 - The often-asserted relation of formal adequacy or elective affinity between capitalism and democracy is historically contingent on both sides of the relation. First, it holds for what Weber called formally rational capitalism - which is the form that Marx had previously investigated in Das Kapital - rather than others, such as traditional commercial capitalism or politically oriented capitalism. Second, it holds only to the extent that the comprehensive contradiction identified by Marx at the heart of the democratic constitution can be resolved: the contradiction between auniversal franchise that potentially gives subaltern classes control over legislative and executive powers and aconstitution that protects property rights favourable to capital. Building upon Poulantzas, it is then argued that these conditions are being undermined by the rise of new forms of political capitalism, especially finance-dominated accumulation, that are facilitated in turn by the consolidation of both neoliberalism and authoritarian statism. This involves the intensification of exceptional elements in aformally democratic shell, and the emergence of apermanent state of austerity. The article concludes with comments on the limits of finance-dominated accumulation and the austerity state.

AB - The often-asserted relation of formal adequacy or elective affinity between capitalism and democracy is historically contingent on both sides of the relation. First, it holds for what Weber called formally rational capitalism - which is the form that Marx had previously investigated in Das Kapital - rather than others, such as traditional commercial capitalism or politically oriented capitalism. Second, it holds only to the extent that the comprehensive contradiction identified by Marx at the heart of the democratic constitution can be resolved: the contradiction between auniversal franchise that potentially gives subaltern classes control over legislative and executive powers and aconstitution that protects property rights favourable to capital. Building upon Poulantzas, it is then argued that these conditions are being undermined by the rise of new forms of political capitalism, especially finance-dominated accumulation, that are facilitated in turn by the consolidation of both neoliberalism and authoritarian statism. This involves the intensification of exceptional elements in aformally democratic shell, and the emergence of apermanent state of austerity. The article concludes with comments on the limits of finance-dominated accumulation and the austerity state.

KW - Austerity state

KW - Authoritarian statism

KW - Exceptional state

KW - Financialization

KW - Liberal democracy

KW - Neoliberalism

KW - Political capitalism

KW - welfare state

U2 - 10.1007/s11609-018-0371-9

DO - 10.1007/s11609-018-0371-9

M3 - Journal article

VL - 28

SP - 9

EP - 37

JO - Berliner journal fur soziologie

JF - Berliner journal fur soziologie

SN - 0863-1808

IS - 1-2

ER -