{"id":7627,"date":"2019-12-18T10:45:19","date_gmt":"2019-12-18T08:45:19","guid":{"rendered":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/finance-et-democratie-sont-elles-irreconciliables\/"},"modified":"2019-12-18T17:54:58","modified_gmt":"2019-12-18T15:54:58","slug":"are-finance-and-democracy-irreconcilable","status":"publish","type":"post","link":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/are-finance-and-democracy-irreconcilable\/?lang=en","title":{"rendered":"Are Finance and Democracy Irreconcilable?"},"content":{"rendered":"
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Graphic via Seth Tobocman from Understanding by The Crash Howl Arts Collective. CC BY 2.0<\/p><\/div>\n

A historical overview<\/h2>\n

Finance is now considered to be the main driver of growing inequality. At the same time, governments are being pilloried for their inability to fight its excesses. This has had disastrous political consequences: challenges to democracy and rising extremism. Nicolas Delalande<\/a>‘s look to the past shows that tensions between States, people, and finance have a long history. <\/i><\/p>\n

Over a decade ago, the 2007-2008 crisis shook the global economic system. Beyond its effects on people’s living standards and wellbeing, its political consequences are a new focus. The disrepute of traditional parties, the rise of far-right populist movements, and social revolts all point to the cracking legitimacy of democratic regimes.<\/p>\n

A deep rift between democracy and finance<\/h4>\n

One of the most cited structural reasons for democratic distrust is the inability of governments to meet their populations\u2019 expectations with regard to purchasing power, employment, and inequality reduction. According to the German sociologist Wolfgang Streeck (1)<\/sup><\/a>Wolfgang Streeck – Du temps achet\u00e9 : La crise sans cesse ajourn\u00e9e du capitalisme d\u00e9mocratique<\/a> , Gallimard, 2014<\/span><\/span><\/span>