Is it possible to take back control? Democracy in the age of the dual crisis of neoliberal capitalism

Abstract

This article reconstructs and assesses Wolfgang Streeck’s proposal of a Keynes-Polanyi state form and state relations as a pathway to deal with what the author calls a dual crisis of neoliberal capitalism. Streeck argues that this form of state would enable democratic renewal, re-embedding the economy in society. Building on his book Taking Back Control? and other publications on democracy, the paper argues that while Streeck offers a compelling account of the structural decoupling of capitalism and democracy under neoliberal globalization, his reconstruction of democratic agency remains normatively underdetermined. The first part presents Streeck’s thesis of a dual crisis of neoliberal capitalism, drawing also on complementary insights from Wendy Brown. The second part examines the Keynes-Polanyi model. The final section identifies a theoretical gap. Although Streeck insists that democracy must be redistributive rather than technocratic, he refrains from specifying the institutional and normative architecture capable of sustaining such a project. The article argues that without a more explicit account of democratic legitimacy, collective agency, and institutional mediation, the Keynes-Polanyi model risks relying on the very democratic bases that neoliberalism has eroded. By clarifying this tension, the paper concludes that even though Streeck presents a compelling analysis of the consequences of neoliberal globalization, the author does not fully articulate a feasible pathway for the question of how (if possible) the bases of democratic life could be restored.