A review by joeri
Gekochte tijd de uitgestelde crisis van het democratisch kapitalisme by Wolfgang Streeck

5.0

This book was released in English under the title 'Buying Time: The Delayed Crisis of Democratic Capitalism'.

In this book Streeck convincingly shows how the market is increasingly, and more and more effectively, fenced of from democratic influences, by liberating it from many means of regulation. This is a development which started for more than four decades ago and still goes on today.

By organizing itself on a supranational level (in banks and institutions like the ECB and IMF), the market has succeeded in either circumventing or destroying national democratic institutions that in the past effectively protected us against an all too disproportionate grow of social and economic inequality. Now that the market dictates what governments do with their economic distribution, the gap between rich and poor is growing evermore larger. Due to all the crisis that ensued from the seventies onwards, the market has also been able to force countries to take austerity measures as a condition for financial support. As a result, governments have lost not only their ability to effectuate social justice, but also their sovereignty. Marketjustice, in the form of paying debts, now has priority over social justice: making sure everyone has an acceptable standard of living.

In the end of the book Streeck argues we have to find another way to organize the European Union by regulating the market in such a way that governments regain their ability to strive for social justice and soevereignty.