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Finance-dominated accumulation and post-democratic capitalism

Research output: Contribution in Book/Report/ProceedingsChapter (peer-reviewed)

Published

Publication date1/10/2013
Host publicationInstitutions and economic development after the financial crisis
EditorsSebastiano Fadda, Pasquale Tridico
Place of publicationLondon
PublisherRoutledge
Pages83-105
Number of pages23
ISBN (Print)9780415844376
Original languageEnglish

Abstract

This chapter explores the relation between political capitalism and the decline in liberal bourgeois democracy. It reviews different generations of argument that there is a "fit" between the market economy and democracy, challenges to that argument, and the specificities of finance-dominated accumulation in this context. It suggests that the political character of this accumulation regime and its consequences for growing inequalities in wealth and income make it harder to maintain the substance as well as form of liberal democracy.