This Maverick Thinker Is the Karl Marx of Our Time

This Maverick Thinker Is the Karl Marx of Our Time

Nov. 28, 2024

By Christopher Caldwell

https://www.nytimes.com/2024/11/28/opinion/wolfgang-streeck-populism.html

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Who could have seen Donald Trump’s resounding victory coming? Ask the question of an American intellectual these days and you may meet with embittered silence. Ask a European intellectual and you will likely hear the name of Wolfgang Streeck, a German sociologist and theorist of capitalism.

In recent decades, Mr. Streeck has described the complaints of populist movements with unequaled power. That is because he has a convincing theory of what has gone wrong in the complex gearworks of American-driven globalization, and he has been able to lay it out with clarity. Mr. Streeck may be best known for his essays in New Left Review, including a dazzling series on the cascade of financial crises that followed the crash of 2008. He resembles Karl Marx in his conviction that capitalism has certain internal contradictions that make it unsustainable — the more so in its present “neoliberal” form. His latest book, “Taking Back Control? States and State Systems After Globalism,” published this month, asks whether the global economy as it is now set up is compatible with democracy. He has his doubts.

Understand Mr. Streeck and you will understand a lot about the left-wing movements that share his worldview — Syriza in Greece, Podemos in Spain and the new Sahra Wagenknecht Alliance in Germany. But you will also understand Viktor Orban, Brexit and Mr. Trump.

Mr. Streeck (whose name rhymes with “cake”) argues that today’s contradictions of capitalism have been building for half a century. Between the end of World War II and the 1970s, he reminds us, working classes in Western countries won robust incomes and extensive protections. Profit margins suffered, of course, but that was in the nature of what Mr. Streeck calls the “postwar settlement.” What economies lost in dynamism, they gained in social stability.

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