Showing papers on "Capitalism published in 2009"

Social Justice and the City

Abstract: This is a foundational text in urban geography, now updated to include the essay 'The Right to the City'. Throughout his distinguished and influential career, David Harvey has defined and redefined the relationship among politics, capitalism, and the social aspects of geographical theory. Laying out Harvey's position that geography could not remain objective in the face of urban poverty and associated ills, "Social Justice and the City" is perhaps the most widely cited work in the field. Harvey analyzes core issues in city planning and policy - employment and housing location, zoning, transport costs, concentrations of poverty - asking in each case about the relationship between social justice and space. How, for example, do built-in assumptions about planning reinforce existing distributions of income? Rather than leading him to liberal, technocratic solutions, Harvey's line of inquiry pushes him in the direction of a 'revolutionary geography', one that transcends the structural limitations of existing approaches to space. Harvey's emphasis on rigorous thought and theoretical innovation gives the volume an enduring appeal. This is a book that raises big questions, and for that reason geographers and other social scientists regularly return to it.

Academic Capitalism and the New Economy: Markets, State, and Higher Education

Abstract: As colleges and universities become more entrepreneurial in a post-industrial economy, they focus on knowledge less as a public good than as a commodity to be capitalized on in profit-oriented activities. In Academic Capitalism and the New Economy, higher education scholars Sheila Slaughter and Gary Rhoades detail the aggressive engagement of U.S. higher education institutions in the knowledge-based economy and analyze the efforts of colleges and universities to develop, market, and sell research products, educational services, and consumer goods in the private marketplace. Slaughter and Rhoades track changes in policy and practice, revealing new social networks and circuits of knowledge creation and dissemination, as well as new organizational structures and expanded managerial capacity to link higher education institutions and markets. They depict an ascendant academic capitalist knowledge/learning regime expressed in faculty work, departmental activity, and administrative behavior. Clarifying the regime's internal contradictions, they note the public subsidies embedded in new revenue streams and the shift in emphasis from serving student customers to leveraging resources from them. Defining the terms of academic capitalism in the new economy, this groundbreaking study offers essential insights into the trajectory of American higher education.

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

Abstract: The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today.

A food regime genealogy.

Abstract: Food regime analysis emerged to explain the strategic role of agriculture and food in the construction of the world capitalist economy. It identifies stable periods of capital accumulation associated with particular configurations of geopolitical power, conditioned by forms of agricultural production and consumption relations within and across national spaces. Contradictory relations within food regimes produce crisis, transformation, and transition to successor regimes. This ‘genealogy’ traces the development of food regime analysis in relation to historical and intellectual trends over the past two decades, arguing that food regime analysis underlines agriculture's foundational role in political economy/ecology.

Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis

Abstract: This article provides a statistical analysis of core contentions of the ‘varieties of capitalism’ perspective on comparative capitalism. The authors construct indices to assess whether patterns of co-ordination in the OECD economies conform to the predictions of the theory and compare the correspondence of institutions across subspheres of the political economy. They test whether institutional complementarities occur across these subspheres by estimating the impact of complementarities in labour relations and corporate governance on growth rates. To assess the durability of varieties of capitalism, they report on the extent of institutional change in the 1980s and 1990s. Powerful interaction effects across institutions in the subspheres of the political economy must be considered if assessments of the economic impact of institutional reform in any one sphere are to be accurate.

Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies in East Central Europe

Abstract: This article enlarges the existing literature on the varieties of capitalism by identifying a third basic variety that does not resemble the liberal market economy or coordinated market economy types. The dependent market economy (DME ) type, as it is named by the authors, is characterized by the importance of foreign capital for the socioeconomic setup and is located in postsocialist Central Europe. Since the collapse of state socialism in the late 1980s, the Czech republic, Hungary, poland, and the slovak republic have introduced a rather successful model of capitalism when compared with other postsocialist states. This article identifies the key elements of the DME model and discusses their interplay. DME s have comparative advantages in the assembly and production of relatively complex and durable consumer goods. These comparative advantages are based on institutional complementarities between skilled, but cheap, labor; the transfer of technological innovations within transnational enterprises; and the provision of capital via foreign direct investment.

Managed by the Markets: How Finance Re-Shaped America

Abstract: Preface 1. The New Financial Capitalism 2. Financial Markets and Corporate Governance 3. From Institution to Nexus: How the Corporation Got, then Lost, its Soul 4. From Banks to Markets: How Securitization Ended the "Wonderful Life" 5. From Sovereign to Vendor-State: How Delaware and Liberia Became the McDonalds and Nike of Corporate Law 6. From Employee and Citizen to Investor: How Talent, Friends, and Homes Became "capital" 7. Conclusion: A Society of Investors?

Privatised Keynesianism: An Unacknowledged Policy Regime

Abstract: There have now been two successive policy regimes since the Second World War that have temporarily succeeded in reconciling the uncertainties and instabilities of a capitalist economy with democracy's need for stability for people's lives and capitalism's own need for confident mass consumers. The first of these was the system of public demand management generally known as Keynesianism. The second was not, as has often been thought, a neo-liberal turn to pure markets, but a system of markets alongside extensive housing and other debt among low- and medium-income people linked to unregulated derivatives markets. It was a form of privatised Keynesianism. This combination reconciled capitalism's problem, but in a way that eventually proved unsustainable. After its collapse there is debate over what will succeed it. Most likely is an attempt to re-create it on a basis of corporate social responsibility.

Capitalist Realism: Is There No Alternative?

Abstract: An analysis of the ways in which capitalism has presented itself as the only realistic political-economic system.

Re-forming capitalism : institutional change in the German political economy

Abstract: Introduction: Institutional Change, Capitalist Development PART I: GRADUAL CHANGE: FIVE SECTORAL TRAJECTORIES 1. Five Sectors 2. Industry-wide Collective Bargaining: Shrinking Core, Expanding Fringes 3. Intermediary Organization: Declining Membership, Rising Tensions 4. Social Policy: The Rise and Fall of Welfare Corporatism 5. Public Finance: The Fiscal Crisis of the Postwar State 6. Corporate Governance: The Decline of Germany Inc. PART II: SYSTEMIC CHANGE: PATTERNS AND CAUSES 7. Systemic Change: Five Parallel Trajectories 8. From System to Process 9. Endogenous Change: Time, Age, and the Self-Undermining of Institutions 10. Time's Up: Positive Externalities Turning Negative PART III: DISORGANIZATION: BRINGING CAPITALISM BACK IN 11. Disorganization as Liberalization 12. Convergence, Non-convergence, Divergence 13. 'Economizing' and the Evolution of Political-Economic Institutions 14. Internationalization 15. German Unification 16. History 17. Bringing Capitalism Back In

Supply Chains and the Human Condition

Abstract: This article theorizes supply chain capitalism as a model for understanding both the continent-crossing scale and the constitutive diversity of contemporary global capitalism. In contrast with theories of growing capitalist homogeneity, the analysis points to the structural role of difference in the mobilization of capital, labor, and resources. Here labor mobilization in supply chains is the focus, as it depends on the performance of gender, ethnicity, nationality, religion, and citizenship status. The article uses the concept of figuration to show how difference is mobilized within supply chains, and to point to the importance of tropes of management, consumption, and entrepreneurship in workers’ understandings of supply chain labor. These tropes make supply chains possible by bringing together self-exploitation and superexploitation. Diversity is thus structurally central to global capitalism, and not decoration on a common core.

Games of Empire: Global Capitalism and Video Games

Abstract: Acknowledgments Introduction: Games in the Age of Empire Part I. Game Engine: Labor, Capital, Machine 1. Immaterial Labor: A Workers' History of Videogaming 2. Cognitive Capitalism: Electronic Arts 3. Machinic Subjects: The Xbox and Its Rivals Part II. Gameplay: Virtual/Actual 4. Banal War: Full Spectrum Warrior 5. Biopower Play: World of Warcraft 6. Imperial City: Grand Theft Auto Part III. New Game? 7. Games of Multitude 8. Exodus: The Metaverse and the Mines Notes Bibliography Index

A food regime analysis of the ‘world food crisis’

Abstract: The food regime concept is a key to unlock not only structured moments and transitions in the history of capitalist food relations, but also the history of capitalism itself. It is not about food per se, but about the relations within which food is produced, and through which capitalism is produced and reproduced. It provides, then, a fruitful perspective on the so-called ‘world food crisis’ of 2007–2008. This paper argues that the crisis stems from a long-term cycle of fossil-fuel dependence of industrial capitalism, combined with the inflation-producing effects of current biofuel offsets and financial speculation, and the concentration and centralization of agribusiness capital stemming from the enabling conjunctural policies of the corporate food regime. Rising costs, related to peak oil and fuel crop substitutes, combine with monopoly pricing by agribusiness to inflate food prices, globally transmitted under the liberalized terms of finance and trade associated with neoliberal policies.

First as tragedy, then as farce

Abstract: "n this bravura analysis of the current global crisis - following on from his bestselling "Welcome to the Desert of the Real"--Slavoj Zizek argues that the liberal idea of the end of history, declared by Francis Fukuyama during the 1990s, has had to die twice. After the collapse of the liberal-democratic political utopia, on the morning of 9/11, came the collapse of the economic utopia of global market capitalism at the end of 2008. Marx argued that history repeats itself-occurring first as tragedy, the second time as farce - and Zizek, following Herbert Marcuse, notes here that the repetition as farce can be even more terrifying than the original tragedy. The financial meltdown signals that the fantasy of globalization is over and as millions are put out of work it has become impossible to ignore the irrationality of global capitalism. Just a few months before the crash, the world's priorities seemed to be global warming, AIDS, and access to medicine, food and water- tasks labelled as urgent, but with any real action repeatedly postponed. Now, after the financial implosion, the urgent need to act seems to have become unconditional - with the result that undreamt of quantities of cash were immediately found and then poured into the financial sector without any regard for the old priorities. Do we need further proof, Zizek asks, that Capital is the Real of our lives: the Real whose demands are more absolute than even the most pressing problems of our natural and social world?"

The Great Financial Crisis: Causes and Consequences

Abstract: In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many including economists and financial experts were shocked by the speed at which events unfolded.In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism one that has been gestating for several decades. It is the "real" productive economy s tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized "casino" economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading."

First as tragedy, then as farce

Abstract: In this bravura analysis of the current global crisis - following on from his bestselling "Welcome to the Desert of the Real" - Slavoj Zizek argues that the liberal idea of the end of history, declared by Francis Fukuyama during the 1990s, has had to die twice. After the collapse of the liberal-democratic political utopia, on the morning of 9/11, came the collapse of the economic utopia of global market capitalism at the end of 2008. Marx argued that history repeats itself-occurring first as tragedy, the second time as farce - and Zizek, following Herbert Marcuse, notes here that the repetition as farce can be even more terrifying than the original tragedy. The financial meltdown signals that the fantasy of globalization is over and as millions are put out of work it has become impossible to ignore the irrationality of global capitalism. Just a few months before the crash, the world's priorities seemed to be global warming, AIDS, and access to medicine, food and water- tasks labelled as urgent, but with any real action repeatedly postponed. Now, after the financial implosion, the urgent need to act seems to have become unconditional - with the result that undreamt of quantities of cash were immediately found and then poured into the financial sector without any regard for the old priorities. Do we need further proof, Zizek asks, that Capital is the Real of our lives: the Real whose demands are more absolute than even the most pressing problems of our natural and social world?

Spaces of Global Capitalism: Towards a Theory of Uneven Geographical Development

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Hierarchical Market Economies and Varieties of Capitalism in Latin America

Abstract: The extensive scholarship on ‘varieties of capitalism’ offers some conceptual and theoretical innovations that can be fruitfully employed to analyse the distinctive institutional foundations of capitalism in Latin America, or what could be called hierarchical market economies (HMEs). This perspective helps identify four core features of HMEs in Latin America that structure business access to essential inputs of capital, technology and labour: diversified business groups, multinational corporations (MNCs), low-skilled labour, and atomistic labour relations. Overall non-market, hierarchical relations in business groups and MNCs are central in organising capital and technology in Latin America, and are also pervasive in labour market regulation, union representation and employment relations. Important complementarities exist among these features, especially between MNCs and diversified business groups, as well as mutually reinforcing tendencies between these dominant corporate forms and general under-investment in skills and in well-mediated employment relations. These four features of HMEs, their common reliance on hierarchy, and the particular interactions among them add up to a distinct variety of capitalism, different from those identified in developed countries and other developing regions.

The social order of markets

Abstract: In this article I develop a proposal for the theoretical vantage point of the sociology of markets, focusing on the problem of the social order of markets. The initial premise is that markets are highly demanding arenas of social interaction, which can only operate if three inevitable coordination problems are resolved. I define these coordination problems as the value problem, the problem of competition and the cooperation problem. I argue that these problems can only be resolved based on stable reciprocal expectations on the part of market actors, which have their basis in the socio-structural, institutional and cultural embedding of markets. The sociology of markets aims to investigate how market action is structured by these macrostructures and to examine their dynamic processes of change. While the focus of economic sociology has been primarily on the stability of markets and the reproduction of firms, the conceptualization developed here brings change and profit motives more forcefully into the analysis. It also differs from the focus of the new economic sociology on the supply side of markets, by emphasizing the role of demand for the order of markets, especially in the discussion of the problems of valuation and cooperation. Markets are the central institutions of capitalist economies. The development of modern capitalism can be viewed as a process of the expansion of markets as mechanisms for the production and allocation of goods and services. This applies not just to labor markets, which only emerged on a significant scale with industriali- zation, but also to the organization of the production and distribution of consumer and investment goods, services, and commodities. The increasing separation of the economy from the household and its organization through market exchange allowed for a scope in the development in the division of labor and production of wealth that would otherwise have been unattainable.

Distribution and Redistribution: The Shadow of the Nineteenth Century

Abstract: The authors present an alternative to power resource theory as an approach to the study of distribution and redistribution While they agree that partisanship and union power are important, they argue that both are endogenous to more fundamental differences in the organization of capitalist democracies specifically, center-left governments result from pr consensus political systems (as opposed to majoritarian systems), while strong unions have their origins in coordinated (as opposed to liberal) capitalism These differences in political representation and in the organization of production developed jointly in the early twentieth century and explain the cross-national pattern of distribution and redistribution The clusters have their origins in two distinct political economic conditions in the second half of the nineteenth century: one in which locally coordinated economies were coupled with strong guild traditions and heavy investment in cospecific assets and one in which market-based economies were coupled with liberal states and more mobile assets

Capital as Power: A Study of Order and Creorder

Abstract: FROM THE BACK COVER Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an 'economic' entity that they count in universal units of ‘utils’ or 'abstract labour', respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of 'capital as power' and a new history of the 'capitalist mode of power'.

Democracy against Capitalism: Renewing Historical Materialism

Abstract: Ellen Meiksins Wood argues that with the collapse of Communism the theoretical project of Marxism and its critique of capitalism is more timely and important than ever. Current intellectual fashions of the left which emphasise 'post-modern' fragmentation, 'difference', contingency and the 'politics of identity' can barely accommodate the idea of capitalism, let alone subject the capitalist system to critique. In this book she sets out to renew the critical programme of historical materialism by redefining its basic concepts and its theory of history in original and imaginative ways, using them to identify the specificity of capitalism as a system of social relations and political power. She goes on to explore the concept of democracy in both the ancient and modern world, examining the concept's relation to capitalism, and raising questions about how democracy might go beyond the limits imposed on it by capitalism.

The Spectre at the Feast: Capitalist Crisis and the Politics of Recession

Abstract: Introduction: The Road to Excess From Boom to Bust Crises of Capitalism Globalization and neo-liberalism The Politics of Recession The Global Impact What is to be Done?

Passive Revolution: Absorbing the Islamic Challenge to Capitalism

Abstract: Over the last decade, pious Muslims all over the world have gone through contradictory transformations. Though public attention commonly rests on the turn toward violence, this book's stories of transformation to "moderate Islam" in a previously radical district in Istanbul exemplify another experience. In a shift away from distrust of the state to partial secularization, Islamists in Turkey transitioned through a process of absorption into existing power structures. With rich descriptions of life in the district of Sultanbeyli, this unique work investigates how religious activists organized, how authorities defeated them, and how the emergent pro-state Justice and Development Party incorporated them. As Tugal reveals, the absorption of a radical movement was not simply the foregone conclusion of an inevitable world-historical trend but an outcome of contingent struggles. With a closing comparative look at Egypt and Iran, the book situates the Turkish case in a broad historical context and discusses why Islamic politics have not been similarly integrated into secular capitalism elsewhere.

The rise and fall of money manager capitalism: a Minskian approach

Abstract: We are in the midst of a global financial crisis accompanied by a deep and probably long-lasting economic downturn; indeed, some analysts are already calling this the first depression of the post-World War II era. In this article, I argue that this is a systemic crisis--a crisis of what Hyman Minsky called money manager capitalism. I link this to the analyses of Hilferding and Veblen of an earlier period, finance capitalism, and argue that this is, in effect, the second failure of this type of capitalism. The essential characteristics of early finance capitalism are: relatively small government, use of external finance for investment, and growing concentration of economic power in the hands of 'trusts'--or what we might today call megacorporations with varied interests and diverse affiliations across 'industry', 'finance' and 'insurance'. Unlike the first phase, the second phase of finance capitalism took place in the context of a big government, neoconservative model. Minsky's analysis helps us to understand how the New Deal and big government created a paternalistic capitalism after World War II, which favoured high consumption, high employment, greater equality and financial stability; however, that stability was destabilising because it permitted the rise of managed money. Over time, innovation and deregulation increased fragility, which generated increasingly frequent and severe financial crises. While previous crises were resolved quickly enough to prevent 'it' (another debt deflation) from happening again, this crisis appears to be sufficiently severe that the very survival of money manager capitalism is thrown into question. The article examines the contributing factors to the current crisis, including the real estate boom and bust, the rise of risky financial instruments such as securitised debts and credit default swaps, the commodities market bubble and the fiscal squeeze. The article concludes with some suggestions concerning the possible outcome of the failure of this form of finance capitalism. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

A Critique of the Discourse of Marketized Philanthropy

Abstract: Philanthropy has received increased attention in recent years and is an important focus for social theorists concerned with discourse. The authors argue that the transformative potential of philanthropy—its potential to represent the need for and bring about social change—is increasingly lost in the current market-based discourse of philanthropy that includes consumption of products (i.e., cause-related marketing) and consumption of media and celebrities (i.e., “charitainment”) as the basis for benevolent human relations. This marketization of philanthropy depoliticizes the relationship between the market and the negative impacts it has on human well-being, thereby making philanthropy less likely to catalyze substantive social change. In this article, the authors argue that in fast capitalism philanthropy must be distinguished from the market, narrate on behalf of the marginalized, and be rewritten independent of the necessity of the market and marginality.

The Revenge of the Market on the Rentiers: Why neo-liberal Reports of the end of history turned out to be premature (Updated 19 December 2011)

Abstract: Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current financial crisis. These include excess liquidity, income polarisation, conflicts between financial and productive capital, lack of appropriate regulation, asymmetric information, principal-agent dilemmas and bounded rationalities. However, the paper then proceeds to argue that perhaps more than ever the ‘macroeconomics’ that led to this crisis only makes analytical sense if examined within the framework of the political settlements and distributional outcomes in which it had operated. Taking the perspective of critical social theories the paper concludes that, ultimately, the current financial crisis is the outcome of something much more systemic, namely an attempt to use neo-liberalism (or, in US terms, neo-conservatism) as a new technology of power to help transform capitalism into a rentiers’ delight. In particular, into a system without much ‘compulsions’ on big business; i.e., one that imposes only minimal pressures on big agents to engage in competitive struggles in the real economy (while doing the opposite to workers and small firms). A key component in the effectiveness of this new technology of power was its ability to transform the state into a major facilitator of the ever-increasing rent-seeking practices of oligopolistic capital. The architects of this experiment include some capitalist groups (in particular rentiers from the financial sector as well as capitalists from the ‘mature’ and most polluting industries of the preceding techno-economic paradigm), some political groups, as well as intellectual networks with their allies—including many economists and the ‘new’ left. Although rentiers did succeed in their attempt to get rid of practically all fetters on their greed, in the end, the crisis materialised when markets took their inevitable revenge on the rentiers by calling their (blatant) bluff.

Global neoliberalism and education and its consequences.

Abstract: In this groundbreaking critique of neoliberalism in schooling and education, an international cast of education policy analysts, educational activists and scholars deftly analyze the ideologies underlying the global, national and local neoliberalisation of schooling and education. The thrilling scholarship that makes up Global Neoliberalism and Education and its Consequences exposes the machinations, agenda and impacts of the privatising and 'merchandisation' of education by the World Bank, the General Agreement on Trade in Services (GATS), biased think tanks, global and national corporations and capital, and the full political spectrum of Neoliberal governments. Including such topics as the increasing polarization of racialized and gendered social classes as a consequence of neoliberal policies, the role and shape of markets and education in the era of globalised Capitalism, the effects of the profit motive in higher education, the impact of the Heritage Foundation in the USA, and even a critical evaluation of education in Cuba--readers are sure to find startling insight and provocative arguments throughout Global Neoliberalism and Education and its Consequences.

Re-forming capitalism

Abstract: Thirty years after the initiatives of Ronald Reagan and Margaret Thatcher signaled the beginning of a neo-liberal era that would usher in widespread enthusiasm for competitive markets, the world is experiencing a global recession precipitated by financial crises rooted in the excesses of unbridled competition. As a result, the neo liberal era is at an inflection point, if not a close. Many people are reconsidering what markets can deliver and looking again to states for more assertive efforts to regulate and distribute resources. After several decades of irrational exuberance about what markets could accomplish, scholars are looking at capitalism with more sober eyes. In this context, Wolfgang Streeck, the most brilliant analyst of the contemporary German political economy, has produced an indispens able work. It is three books in one a discerning account of recent changes in the German economic model, a wide-ranging critique of institutionalist analysis, and a powerful interpretation of how capital ism works. Written from a profoundly sociological perspective, it offers a corrective to rationalist analyses that will be of interest, not only to scholars of Germany, but to anyone trying to understand institutional change in capitalist economies. Drawing on research carried out under his direction at the Max Planck Institute for the Study of Societies in Cologne, Streeck charts the unraveling over the past twenty years of the "organized capitalism" that once underpinned Modell Deutschland. Five short, sharp chapters trace developments in collective bargaining, intermediary organiza tions, corporate governance, social policy and public finance. In the decade after 1992, net trade union membership in Germany fell from 30 percent of the workforce to about 20 percent. The average tenure of chief executive officers dropped from ten years to eight and a half and, in the largest fifty firms, barely 9 percent of CEOs now have profes sional experience in the public sector, compared with 25 percent in 1990. From an Anglo-American perspective, many aspects of economic relations in Germany still seem relatively "organized". Although only 57 percent of employees were covered by an industry-wide collective agreement in 2006, down from 72 percent in 1995, those figures are still high by international standards, and the wave of hostile takeovers