“The democratic crisis of capitalism: Reflections on political and economic modernity in Europe” by Peter Wagner: Review

Short summary of the development of economic liberalism (captialism) and political liberalism (democracy) from the Enlightenment to the present.

Wagner names Talcott Parson as the representative of the former view who sees modern society as functionally differentiated into the organisation of the markets on one side and politics and public administration on the other. The view that capitalism and democracy are naturally in tension with each other was held by Karl Marx and lately by the Frankfurt School of Theodor Adorno and Max Korckheimer. The latter two are of the view that “the capitalist economy formed the basic structure of Western societies whereas democracy was nothing but a surface phenonemon” (Adorno). In their view temporary co-existence is possible but in moments of crisis democracy would tend to be abandoned to safeguard the interests of capital. Wagner quotes Korkheimer as saying “who speaks about fascism cannot remain silent about capitalism”.

I am of the view that that economic and political liberalism are incompatible in societies in which workers predominate and wealth controls the power structure.

FEASTA — Foundation for the Economics of Sustainability
“The democratic crisis of capitalism: Reflections on political and economic modernity in Europe” by Peter Wagner: Review
Willi Kiefel