What does it mean to say we are in a ‘polycrisis’? Under an increasingly undemocratic capitalism, the countries of the rich world all confront a similar bundle of crises that have sprung up more or less unnoticed. Underlying them is a long-simmering fiscal crisis of the state that is now finally coming to the fore, where the growing demands placed on society by the evolution of contemporary capitalism are clashing with the declining ability of democratic politics to secure the resources needed to meet them. One of the consequences is the notably parallel rise, across all the countries concerned, of new-model opposition parties, critical of the existing order, which threaten to oust the ageing postwar ruling parties from power.
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Photo: Creative-Commons-Licence „Namensnennung 4.0 international“.
Streeck is clearly ignorant of the true fiscal capacity of a ‘sovereign’ country. MMT gives the lie to his concerns for government indebtedness. However, he is correct if we restrict our view to Euro land. There no country is ‘sovereign’ and borrowing does indeed mortgage you to the market. Unfortunately, countries like Britain, which are ‘sovereign’, choose to hobble themselves with ridiculous fiscal responsibility rules. So, common sense is nowhere to be seen.