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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

by eurogreen on Sun Aug 17th, 2014 at 09:01:54 AM EST
[ Parent ]
It's hard not to read Streeck's anlysis as extremely Euro centric, or indeed German centric.   The whole point of globalising capital is to render it beyond Government control, and the whole point of neo-liberal "reforms" is to free capital from Government regulation.  

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

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Aug 17th, 2014 at 10:17:05 AM EST
[ Parent ]
Note that in the quote is talking about crisis theory in the early 1970s. The Frankfurt School, which emigrated to California in the 1930s, evidently came back impregnated with New Deal thinking, which was highly applicable in Europe in the post-WWII years. Which lead to a comprehensive mis-analysis, as outlined above.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Sun Aug 17th, 2014 at 12:10:13 PM EST
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