Buying Time (Hardcover)
The Delayed Crisis of Democratic Capitalism
Verso, 9781781685495, 240pp.
Publication Date: July 22, 2014
About the Author
Praise For Buying Time: The Delayed Crisis of Democratic Capitalism…
“Is electoral democracy compatible with the type of economic policies the EU—backed at a distance by Washington and Wall Street—wants to impose? This is the question posed by the Cologne-based sociologist Wolfgang Streeck in Buying Time, a book that is provoking debate in Germany. Streeck argues that since Western economic growth rates began falling in the 1970s, it has been increasingly hard for politicians to square the requirements of profitability and electoral success; attempts to do so (‘buying time’) have resulted in public spending deficits and private debt. The crisis has brought the conflict of interests between the financial markets and the popular will to a head: investors drive up bond yields at the ‘risk’ of an election. The outcome in Europe will be either one or the other, capitalist or democratic, Streeck argues; given the balance of forces, the former appears most likely to prevail. Citizens will have nothing at their disposal but words—and cobblestones.” —Susan Watkins, London Review of Books