Wolfgang Streeck

Wolfgang Streeck is a German sociologist who has written extensively about globalization and neoliberalism. He is a professor at the Max Planck Institute for the Study of Societies in Cologne, Germany, and is considered one of the world’s leading experts on these topics.

Streeck’s work has been highly influential in the development of critical globalization studies. He has argued that globalization is not an inevitable or irreversible process, but rather a contested and contradictory one. He has also argued that neoliberalism, the dominant ideology of globalization, is ultimately unsustainable and that it is leading to a crisis of capitalism.

In his book Re-forming Capitalism: Institutional Change in the German Political Economy, Streeck argues that the German political economy, with its strong social democratic traditions and emphasis on coordinated market capitalism, is more resilient to the pressures of globalization than other advanced capitalist economies. He argues that this is due to the fact that the German political economy is more embedded in institutions that can mediate conflict and provide social protection.

In his book The Politics of the Market: A Reinterpretation of Embeddedness, Streeck argues that the idea of embeddedness, which is often used to describe the relationship between the economy and society, is a complex and ambiguous one. He argues that there are different types of embeddedness, and that some forms of embeddedness can be more supportive of capitalism than others.

In his book Buying into American Neoliberalism, Streeck argues that the United States has been a key promoter of neoliberalism around the world. He argues that the United States has used its economic and political power to push other countries to adopt neoliberal policies, and that this has led to a decline in social welfare and labor rights.

Streeck’s work is characterized by its critical engagement with neoliberalism and its advocacy for a more humane and just form of capitalism. He is a leading voice in the debate about the future of capitalism, and his ideas are sure to continue to shape the way we think about globalization and neoliberalism.

Books

Re-forming Capitalism: Institutional Change in the German Political Economy (1997)
The Politics of the Market: A Reinterpretation of Embeddedness (2009)
Buying Time: The Delayed Crisis of Democratic Capitalism (2012)
From Marketization to Demarketization: The Double Movement in the Twenty-First Century (2018)
How Will Capitalism End? Scenarios for the Transformation of the Global Political Economy (2016)

Re-forming Capitalism: iNstitutional Change in the German Political Economy (1997)

Streeck identifies four key features of the German political economy that make it more resilient to globalization:

Coordinated market capitalism: German firms are organized into networks of cooperation and competition, which allows them to share information and coordinate their activities. This reduces the need for individual firms to compete on price alone, and it allows them to invest in long-term projects.
Strong social safety net: Germany has a comprehensive social safety net that provides a basic level of income and security to all citizens. This helps to prevent social unrest and allows workers to accept lower wages and greater job insecurity in exchange for job stability.
Flexicurity: Germany has a system of labor market policy that combines flexibility with security. This allows firms to adjust their workforces more easily, but it also protects workers from losing their jobs without support.
Stakeholder governance: German firms are governed by a system of stakeholder representation, which gives employees, unions, and other stakeholders a voice in corporate decision-making. This helps to ensure that the interests of different groups are taken into account, and it can contribute to more sustainable and equitable economic development.

Streeck argues that these four features of the German political economy have allowed Germany to avoid some of the negative consequences of globalization that have been experienced by other advanced capitalist economies. However, he also argues that the German political economy is facing challenges, and that it will need to adapt to the changing global economy in order to remain resilient.

Here are some of the specific ideas that Streeck presents in Re-forming Capitalism:

The German political economy is more resilient to the pressures of globalization than other advanced capitalist economies.
The four key features of the German political economy that make it more resilient are coordinated market capitalism, strong social safety net, flexicurity, and stakeholder governance.
The German political economy is facing challenges, and it will need to adapt to the changing global economy in order to remain resilient.

The Politics of the Market: A Reinterpreatiton of Embeddedness?

In his book The Politics of the Market: A Reinterpretation of Embeddedness, Wolfgang Streeck argues for a more nuanced understanding of the relationship between the economy and society. He challenges the conventional view that the economy is autonomous and self-regulating, arguing instead that it is deeply embedded in social and political institutions.

Streeck distinguishes between two types of embeddedness: instrumental embeddedness and institutional embeddedness. Instrumental embeddedness refers to the ways in which the economy is dependent on other social and political institutions to function effectively. For example, the economy relies on the state to provide a stable legal framework, the education system to produce skilled workers, and the infrastructure to support trade and commerce.

Institutional embeddedness, on the other hand, refers to the ways in which the economy is shaped by the norms, rules, and practices of society. For example, the structure of the labor market, the system of corporate governance, and the prevailing culture of entrepreneurship all influence the way in which the economy operates.

Streeck argues that instrumental embeddedness is a necessary condition for capitalism to function, but it is not sufficient. Without institutional embeddedness, the economy is likely to become unstable and unsustainable. This is because markets are not self-regulating, and they can generate outcomes that are harmful to society as a whole.

Streeck uses the example of the financial crisis of 2008 to illustrate the dangers of market fundamentalism. He argues that the crisis was caused by a combination of factors, including the deregulation of the financial markets, the use of complex financial instruments, and the erosion of social safety nets. These factors created a situation in which markets were allowed to operate with little regard for the broader social and economic consequences.

Streeck concludes that the only way to prevent future crises is to strengthen the institutional embeddedness of the economy. This means reforming the financial system, strengthening labor market protections, and investing in social safety nets. It also means promoting forms of economic organization that are more democratic and equitable.

Here are some of the specific ideas that Streeck presents in The Politics of the Market:

The economy is deeply embedded in social and political institutions.
Instrumental embeddedness is a necessary condition for capitalism to function.
Institutional embeddedness is necessary to prevent the economy from generating harmful outcomes.
The financial crisis of 2008 was caused, in part, by the erosion of institutional embeddedness.
The only way to prevent future crises is to strengthen the institutional embeddedness of the economy.

Buying Time: The Delayed Crisis of Democratic Capitalism

In his book Buying Time: The Delayed Crisis of Democratic Capitalism, Wolfgang Streeck argues that democratic capitalism is facing a crisis that has been postponed rather than averted. He argues that this crisis is rooted in the inherent contradictions of capitalism itself, and that it is now reaching a point of unsustainable tension.

Streeck identifies three main contradictions of capitalism:

The contradiction between capitalism’s need for continuous growth and the finiteness of the planet’s resources.
The contradiction between capitalism’s emphasis on individual competition and the need for collective action to address common problems.
The contradiction between capitalism’s focus on the short-term interests of shareholders and the long-term interests of society as a whole.

Streeck argues that these contradictions have been exacerbated by the rise of neoliberalism, an economic ideology that emphasizes free markets, deregulation, and privatization. He argues that neoliberalism has shifted the balance of power in favor of business and finance, and that it has eroded the social safety nets and labor protections that were once seen as essential for a stable and equitable society.

Streeck contends that the crisis of democratic capitalism is now reaching a tipping point. He argues that the contradictions of capitalism are becoming more pronounced, and that the social and political costs of maintaining the current system are becoming too high. He foresees a period of social unrest, political instability, and economic turmoil as the system struggles to adapt to the changing global landscape.

Streeck concludes that democratic capitalism is in need of a fundamental overhaul. He argues that the system needs to be more sustainable, equitable, and democratic. He suggests that this could involve measures such as degrowth, the promotion of stakeholder capitalism, and the strengthening of democratic institutions.

Here are some of the specific ideas that Streeck presents in Buying Time:

Democratic capitalism is facing a crisis that has been postponed rather than averted.
The crisis of democratic capitalism is rooted in the inherent contradictions of capitalism itself.
Neoliberalism has exacerbated the contradictions of capitalism and shifted the balance of power in favor of business and finance.
The crisis of democratic capitalism is now reaching a tipping point.
Democratic capitalism is in need of a fundamental overhaul to become more sustainable, equitable, and democratic.

Marketization to Demarketization: The Doulbe movement in the Twenty-First Century

In his book From Marketization to Demarketization: The Double movement in the Twenty-First Century, Wolfgang Streeck extends his argument about the inherent contradictions of capitalism and the crisis of democratic capitalism in the 21st century. He proposes that in this century, we are witnessing a shift from marketization to demarketization, where social movements and political institutions are increasingly challenging the dominance of markets over society.

Streeck identifies two key dynamics that have driven the double movement: marketization and demarketization.

Marketization refers to the process of expanding the reach of markets into new areas of social life and subjecting more aspects of life to market forces. This can include areas such as healthcare, education, and social protection, which were traditionally seen as public goods.

Demarketization, on the other hand, refers to the process of resisting and reversing marketization, and re-embedding markets in social and political institutions. This can involve measures such as regulation, social safety nets, and public ownership.

Streeck argues that the double movement is inherent to capitalism, as markets have a tendency to expand beyond their natural boundaries, leading to social and political instability. This instability then triggers a demarketization response, as social movements and political actors seek to counter the excesses of markets.

He also argues that the double movement is taking on a new form in the 21st century, as social movements and political institutions are becoming more assertive in their challenges to marketization. This is due to a number of factors, including:

The increasing awareness of the social and environmental costs of unfettered markets.
The rise of new technologies that can be used to monitor and regulate markets.
The growing disillusionment with neoliberalism and its emphasis on market solutions.

Streeck concludes that the double movement is likely to continue to intensify in the 21st century, as social movements and political institutions seek to shape the future of capitalism in a more democratic and equitable direction.

Here are some of the specific ideas that Streeck presents in From Marketization to Demarketization:

The double movement is inherent to capitalism, as markets have a tendency to expand beyond their natural boundaries.
Social movements and political institutions are increasingly challenging the dominance of markets over society.
The double movement is taking on a new form in the 21st century, as social movements and political institutions are becoming more assertive in their challenges to marketization.
The double movement is likely to continue to intensify in the 21st century, as social movements and political institutions seek to shape the future of capitalism in a more democratic and equitable direction.

How Will Capitalism End? Scenarios for the Transformation of the Global Political Economy

In his book How Will Capitalism End? Scenarios for the Transformation of the Global Political Economy, Wolfgang Streeck explores a range of possible scenarios for the future of capitalism. He argues that capitalism is not a self-perpetuating system, and that it is likely to be transformed or even replaced in the 21st century.

Streeck identifies four main scenarios for the transformation of capitalism:

Crisis democratization: In this scenario, capitalism implodes due to its own inherent contradictions, leading to widespread social unrest and political instability. This instability could pave the way for more democratic and equitable forms of economic organization.
Market socialist democracy: In this scenario, capitalism is transformed into a market socialist system, in which markets are subject to democratic control and regulated to serve social and environmental goals.
Global Keynesianism: In this scenario, nation-states and international institutions collaborate to manage the global economy and prevent crises. This could involve measures such as coordinated fiscal and monetary policies, and the establishment of international financial institutions.
Civil society capitalism: In this scenario, civil society organizations play a more prominent role in shaping the economy. This could involve measures such as consumer boycotts, community-owned enterprises, and the promotion of sustainable business practices.

Streeck argues that the specific form of capitalism that emerges in the 21st century will depend on the balance of power between different actors and the ability of these actors to respond to the challenges facing capitalism.

Here are some of the specific ideas that Streeck presents in How Will Capitalism End?:

Capitalism is not a self-perpetuating system, and it is likely to be transformed or even replaced in the 21st century.
There are a range of possible scenarios for the transformation of capitalism, including crisis democratization, market socialist democracy, global Keynesianism, and civil society capitalism.
The specific form of capitalism that emerges in the 21st century will depend on the balance of power between different actors and the ability of these actors to respond to the challenges facing capitalism.