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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
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