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A legitimation crisis theory that starts with capital treats firms and their owners and managers as advantage-seeking profit maximisers rather than as prosperity machines, or functionaries obediently carrying out government economic policy.
This is what governments failed to understand in the 70s, it seems. They had no "plan B" for when fundamental interests diverged, and have been inventing stopgap measures ever since.
Streeck's strength is as a sociologist/philosopher, identifying social actors in an economic context (something entirely absent, for obvious reasons, from conventional economics) It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
Who outside Germany could even the consider the possibility that capitalists might be "functionaries obediently carrying out government economic policy" - when it is becoming increasingly clear - particularly in the USA - that capitalists are waging war against democratic Government, and they are winning hands down. Index of Frank's Diaries
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