Economic Elites, Crises, and Democracy


Book Description

Economic Elites, Crises, and Democracy analyzes critical topics of contemporaneous capitalism. Andr s Solimano, President of the International Center for Globalization and Development, focuses on economic elites and the super rich, the nature of entrepreneurship, the rise of corporate s technostructure, the internal fragmentation of the middle class, and the marginalization of the working poor. While examining historical episodes of economic and financial crises from the 19th century to the present, he reviews a variety of related economic theories and policies, including austerity, which have been enacted in attempts to overcome these crises. Solimano also examines patterns of international mobility of capital and knowledge elites along with the rise of global social movements and migration diasporas. The book ends with an analysis of the concept, modalities, and potential areas of the application of economic democracy to reform 21st century global capitalism.




Elites, Crises, and the Origins of Regimes


Book Description

Most political regimes, whether authoritarian or democratic, are born in abrupt, brutal, and momentous crises. In this volume, a group of prominent scholars explores how these seminal events affect elites and shape regimes. Combining theoretical and case study chapters, the authors draw from a wide range of historical and contemporary examples to challenge mainstream developmental explanations of political change, which emphasize incremental changes and evolutions stretching over generations.




Economic Elites, Crises, and Democracy


Book Description

Economic Elites, Crises, and Democracy analyzes critical topics of contemporaneous capitalism. Andrés Solimano, President of the International Center for Globalization and Development, focuses on economic elites and the super rich, the nature of entrepreneurship, the rise of corporate´s technostructure, the internal fragmentation of the middle class, and the marginalization of the working poor. While examining historical episodes of economic and financial crises from the 19th century to the present, he reviews a variety of related economic theories and policies, including austerity, which have been enacted in attempts to overcome these crises. Solimano also examines patterns of international mobility of capital and knowledge elites along with the rise of global social movements and migration diasporas. The book ends with an analysis of the concept, modalities, and potential areas of the application of economic democracy to reform 21st century global capitalism.




Authoritarianism and the Elite Origins of Democracy


Book Description

This book argues that - in terms of institutional design, the allocation of power and privilege, and the lived experiences of citizens - democracy often does not restart the political game after displacing authoritarianism. Democratic institutions are frequently designed by the outgoing authoritarian regime to shield incumbent elites from the rule of law and give them an unfair advantage over politics and the economy after democratization. Authoritarianism and the Elite Origins of Democracy systematically documents and analyzes the constitutional tools that outgoing authoritarian elites use to accomplish these ends, such as electoral system design, legislative appointments, federalism, legal immunities, constitutional tribunal design, and supermajority thresholds for change. The study provides wide-ranging evidence for these claims using data that spans the globe and dates from 1800 to the present. Albertus and Menaldo also conduct detailed case studies of Chile and Sweden. In doing so, they explain why some democracies successfully overhaul their elite-biased constitutions for more egalitarian social contracts.




Overripe Economy


Book Description

Overripe Economy is a genealogy of a finance-ridden, authoritarian, austerity-plagued American capitalism, from industrialization to the present. This panoramic political-economic history of the country surveys the ruthlessly competitive capitalism of the nineteenth century, the maturation of industrial capitalism in the 1920s, the rise and fall of capitalism's Golden Age and the ensuing decline towards the modern era. Alan Nasser shows why the persistent austerity of financialized neoliberal capitalism is the natural outcome of mature capitalism's evolution, revealing the key structural and political vulnerabilities of capitalism itself and pointing towards the kind of system that can transcend it. At the center of this argument is capitalism's ultimatum: either a "new normal" of persistent austerity, declining democracy and a privatized state, or a new system characterized by an economic democracy that ensures higher wages and a shorter working week for all--back cover.




Economic Origins of Dictatorship and Democracy


Book Description

This book develops a framework for analyzing the creation and consolidation of democracy. Different social groups prefer different political institutions because of the way they allocate political power and resources. Thus democracy is preferred by the majority of citizens, but opposed by elites. Dictatorship nevertheless is not stable when citizens can threaten social disorder and revolution. In response, when the costs of repression are sufficiently high and promises of concessions are not credible, elites may be forced to create democracy. By democratizing, elites credibly transfer political power to the citizens, ensuring social stability. Democracy consolidates when elites do not have strong incentive to overthrow it. These processes depend on (1) the strength of civil society, (2) the structure of political institutions, (3) the nature of political and economic crises, (4) the level of economic inequality, (5) the structure of the economy, and (6) the form and extent of globalization.




Post-Democracy After the Crises


Book Description

In Post-Democracy (Polity, 2004) Colin Crouch argued that behind the façade of strong institutions, democracy in many advanced societies was being hollowed out, its big events becoming empty rituals as power passed increasingly to circles of wealthy business elites and an ever-more isolated political class. Crouch’s provocative argument has in many ways been vindicated by recent events, but these have also highlighted some weaknesses of the original thesis and shown that the situation today is even worse. The global financial deregulation that was the jewel in the crown of wealthy elite lobbying brought us the financial crisis and helped stimulate xenophobic movements which no longer accept the priority of institutions that safeguard democracy, like the rule of law. The rise of social media has enabled a handful of very rich individuals and institutions to target vast numbers of messages at citizens, giving a false impression of debate that is really stage-managed from a small number of concealed sources. Crouch evaluates the implications of these and other developments for his original thesis, arguing that while much of his thesis remains sound, he had under-estimated the value of institutions which are vital to the support of a democratic order. He also confronts the challenge of populists who seem to echo the complaints of Post-Democracy but whose pessimistic nostalgia brings an anti-democratic brew of hatred, exclusion and violence.




After the Great Complacence


Book Description

Argues "that social scientists, governments and citizens need now to re-engage with the political dimensions of financial markets." - cover.




Empire of Democracy


Book Description

The first panoramic history of the Western world from the 1970s to the present day—from the Cold War to the 2008 financial crisis and wars in the Middle East—Empire of Democracy is “a superbly informed and riveting historical analysis of our contemporary era” (Charles S. Maier, Harvard University). Half a century ago, at the height of the Cold War and amidst a world economic crisis, the Western democracies were forced to undergo a profound transformation. Against what some saw as a full-scale “crisis of democracy”—with race riots, anti-Vietnam marches and a wave of worker discontent sowing crisis from one nation to the next—a new political-economic order was devised and the postwar social contract was torn up and written anew. In this epic narrative of the events that have shaped our own times, Simon Reid-Henry shows how liberal democracy, and western history with it, was profoundly reimagined when the postwar Golden Age ended. As the institutions of liberal rule were reinvented, a new generation of politicians emerged: Thatcher, Reagan, Mitterrand, Kohl. The late twentieth century heyday they oversaw carried the Western democracies triumphantly to victory in the Cold War and into the economic boom of the 1990s. But equally it led them into the fiasco of Iraq, to the high drama of the financial crisis in 2007/8, and ultimately to the anti-liberal surge of our own times. The present crisis of liberalism is leading us toward as yet unscripted decades. The era we have all been living through is closing out, and democracy is turning on its axis once again. “Brilliantly, Reid-Henry calls for the salvation of democracy from the choices of its own leaders if it is to survive” (Samuel Moyn, Yale University).




Political Capitalism


Book Description

Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism. After developing the economic theory of political capitalism, Holcombe goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.