Wolfgang Streeck on the Origins of Capitalist Crisis

• Published in: Theoria (Pietermaritzburg) Vol. 71; no. 179; pp. 1 - 27
• Main Author: Sadian, Samuel
• Format: Journal Article
• Language: English
• Published: New York Berghahn Books, Inc 01-06-2024
• Subjects: Ambition; Appreciation; Capitalism; Decolonization; Developing countries; Economic crisis; Economic reform; Historiography; LDCs; Liberalization; Neoliberalism; Political change; Political factors; Reforms; War
• ISSN: 0040-5817; 1558-5816
• DOI: 10.3167/th.2024.7117901

Abstract Shortly after the financial crisis of 2008, Wolfgang Streeck emerged as a highly influential and ambitious critical theorist of capitalism and crisis. Streeck's crisis theory of capitalism is built around an account of neoliberal policy reform as a family of responses to economic upheavals that first emerged during the 1970s. Based on an analysis of four major shocks all occurring in that decade, I argue that Streeck's crisis theory is excessively economistic in its understanding of the crisis tendencies that first propelled neoliberal reform and insufficiently attentive to the global context of their emergence. Theorising the significance of this pivotal historical moment requires more attention to the conflictual entanglements between societies of the Global South and North in the context of decolonisation, war and revolution, and a more nuanced appreciation of the political context of economic reform.