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Onaran, Özlem Fiscal Crisis in Europe or a Crisis of Distribution? Publication Date: 6/11/2010

Liberal democracy ,and even republican self-governance, have always depended on beliefs and civic virtues which the liberal state itself is constitutionally unable to nourish or enforce -- and which big-corporate employment and consumer marketing, quite as much big-government social engineering, does a lot to undermine.

Entire Issue. Article titles: UN & Civil Society; Civil Society & Media Freedom; Religion in it's Place; Women, Civil Society, & NGOs in Post-Soviet Azerbaijan; Lazarus Rising: Civil Society & Sierra Leone's Rise from the Grave; Framing Democracy: Civil Society & Civic Movements in Eastern Europe; American Creed: Philanthropy & Rise of Civil Society (1700-1865), etc.

Critics of capitalism often argue that any form of capitalism would eventually devolve into corporatism, due to the concentration of wealth in fewer and fewer hands. A permutation of this term is corporate globalism. John Ralston Saul argues that most Western societies are best described as corporatist states, run by a small elite of professional and interest groups, that exclude political participation from the citizenry. Corporatism has been supported from various proponents, including: absolutists, conservatives, fascists, progressives, reactionaries, socialists and theologians. In the United States, economic corporatism involving capital-labour cooperation was influential in the New Deal economic program of the United States in the 1930s as well as in Fordism and Keynesianism.[36] In the post-World War II reconstruction period in Europe, corporatism was favoured by Christian democrats, national conservatives, and social democrats in opposition to liberal capitalism.[37] This type of corporatism faded but revived again in the 1960s and 1970s as "neo-corporatism" in response to the new economic threat of stagflation.[38] Neo-corporatism favoured economic tripartism which involved strong and centralized labour unions, employers' unions, and governments that cooperated as "social partners" to negotiate and manage a national economy.[39]

Can Greece pay its debts? What about Portugal or Spain? Can a new prime minister reduce Britain's gaping budget deficit? Will the crisis rocking Europe spread? And what about the American economy?

 

Today, Adam Smith's Wealth of Nations is considered a Bible for capitalism, but when published in 1776, it was a blasphemous challenge to the big business, big government mercantilism in Europe. Smith's free market theories expanded economic opportunity, promoted competition and encouraged innovation, in large part, by attacking the "concentrated wealth and power" of Britain's commercial elite.