Chapter 8: In the global grip of authoritarian capitalism: from liberal democracy to capitalist sovereignty
AbstractThis concluding chapter reflects on how political authoritarianism is emerging as an affective discourse for justifying deepening economic marketization globally. In particular, it points to a reconfigured modernization discourse updated for the new millennium. The traditional assumption that markets will lead to democracy has been transformed into a twenty-first century story of authoritarian progress. Where a fiscally self-disciplining state and disciplining international institutions will use their power to ensure that countries around the world develop and prosper. Required is not democracy, deliberation, debate, experimentation or a re-thinking of core values. Instead all that is needed is for governments and IFIs to rule populations with a firm and “responsible” hand. Witnessed is the rise of authoritarian capitalism in the age of globalization – where capitalist sovereignty is replacing liberal and social democracy.
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