Chapter 8 In the global grip of authoritarian capitalism: from liberal democracy to capitalist sovereignty
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This 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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