Skip to content
Licensed Unlicensed Requires Authentication Published by De Gruyter August 28, 2014

Towards a Political Theory of the Market Economy

Frank Nullmeier EMAIL logo
From the journal World Political Science

Abstract

Some authors make the dominance of markets responsible for the current crisis of Western democracies. In order to prevent a further development in a post-democratic direction political science has to scrutinize all strategies that aim to establish a predominance of politics including strategies beyond a better market regulation and a further expansion of the welfare state. The paper examines selected contributions to normative political theory in search for models of (1) the democratization of the market economy, (2) the creation of a just economy and (3) the moralization of market economies. Are justifiable models for a democratized economy, a just economy or a moralized market presented in the literature? The distinction between organizations and transactions proves to be important in order to answer the question of how a reconfiguration of the market economy dominated by standards of justice and political equality could look like. Models of internal democratization and self-management have been developed for companies as the organizational part of market economies. In contrast, there is no way to democratize market transactions themselves. With reference to John Rawls and his conception of a property-owning democracy the article analyses the inherent tendency of market transactions to contribute to an accumulation of inequality and the institutional models to limit or to compensate for these side effects of markets.


Corresponding author: Frank Nullmeier, University of Bremen, Centre for Social Policy Research, Mary-Somerville-Street 5, 28359 Bremen, Germany, e-mail:

References

Alperovitz, Gar (2011) America Beyond Capitalism. Reclaiming Our Wealth, Our Liberty, and Our Democracy. Second Edition. Takoma Park: Democracy Collaborative Press.Search in Google Scholar

Arnoldi, Jakob (2009) Alles Geld verdampft. Finanzkrise in der Weltrisikogesellschaft. Frankfurt a. M.: Suhrkamp.Search in Google Scholar

Aspers, Patrick (2011) Markets. Cambridge: Polity Press.Search in Google Scholar

Beckert, Jens (1997) Grenzen des Marktes. Die sozialen Grundlagen wirtschaftlicher Effizienz. Frankfurt/New York: Campus Verlag.Search in Google Scholar

Beckert, Jens and Christoph Deutschmann (eds.) (2009) “Wirtschaftssoziologie,” KZfSS, Sonderheft 49. Wiesbaden: VS Verlag für Sozialwissenschaften.Search in Google Scholar

Beckert, Jens, Rainer Diaz-Bone and Heiner Ganßmann (eds.) (2007) Märkte als soziale Strukturen. Frankfurt/New York: Campus Verlag.Search in Google Scholar

Bermeo, Nancy and Jonas Pontusson (eds.) (2012) Coping with Crisis. Government Reactions to the Great Recession. New York: Russell Sage Foundation.Search in Google Scholar

Bevir, Mark and Frank Trentmann (eds.) (2004) Markets in Historical Contexts. Ideas and Politics in the Modern World. Cambridge: Cambridge University Press.10.1017/CBO9780511496677Search in Google Scholar

Bispinck, Reinhard, Thorsten Schulten and Peter Raane (eds.) (2008) Wirtschaftsdemokratie und expansive Lohnpolitik. Zur Aktualität von Victor Agartz. Hamburg: VSA Verlag.Search in Google Scholar

Bofinger, Peter (2012) Zurück zur D-Mark? Deutschland braucht den Euro. München: Droemer.Search in Google Scholar

Brock, Gillian (2009) Global Justice. A Cosmopolitan Account. Oxford: Oxford University Press.10.1093/acprof:oso/9780199230938.001.0001Search in Google Scholar

Cohen, Gerald A. (2008) Rescuing Justice and Equality. Cambridge/London: Harvard University Press.10.4159/9780674029651Search in Google Scholar

Cohen, Gerald A. (2009) Why not Socialism? Princeton: Princeton University Press.Search in Google Scholar

Crouch, Colin (2004) Post-Democracy. Cambridge/Malden: Polity Press.Search in Google Scholar

Crouch, Colin (2011) The Strange Non-Death of Neoliberalism. Cambridge/Malden: Polity Press.Search in Google Scholar

Dahl, Robert A. (1985). A Preface to Economic Democracy. Berkeley/Los Angeles: University of California Press.10.1525/9780520341166Search in Google Scholar

Dahl, Robert A. (1998). On Democracy. New Haven/London: Yale University Press.Search in Google Scholar

Dahl, Robert A. and Charles E. Lindblom (1953) Politics, Economics, and Welfare. Planning and Politico-Economic Systems Resolved into Basic Social Processes. New York: Harper & Row.Search in Google Scholar

Demirovic, Alex (2007) Demokratie in der Wirtschaft. Positionen, Probleme, Perspektiven. Münster: Westfälisches Dampfboot.Search in Google Scholar

Deutschmann, Christoph (2012) “Die Legitimität des Kapitalismus: eine wirtschaftssoziologische Sicht.” In: (Anna Geis, Frank Nullmeier and Christopher Daase, eds.) Der Aufstieg der Legitimitätspolitik. Rechtfertigung und Kritik politisch-ökonomischer Ordnungen, Leviathan-Sonderband 27. Baden-Baden: Nomos, pp. 245–261.10.5771/9783845245072-243Search in Google Scholar

Dworkin, Ronald (2000) Sovereign Virtue. The Theory and Practice of Equality. Cambridge/London: Belknap Press of Harvard University Press.Search in Google Scholar

Dworkin, Ronald (2011) Justice for Hedgehogs. Cambridge/London: Belknap Press of Harvard University Press.Search in Google Scholar

Elster, Jon and Karl Ove Moene (eds.) (1989) Alternatives to Capitalism. Cambridge: Cambridge University Press.Search in Google Scholar

Fligstein, Neil (2001) The Architecture of Markets. An Economic Sociology of Twenty- First-Century Capitalist Societies. Princeton/Oxford: Princeton University Press.10.1515/9780691186269Search in Google Scholar

Forst, Rainer (2011) Kritik der Rechtfertigungsverhältnisse. Perspektiven einer kritischen Theorie der Politik. Berlin: Suhrkamp.Search in Google Scholar

Fox, Justin (2009) The Myth of the Rational Market. A History of Risk, Reward, and Delusion on Wall Street. New York: HarperCollins.Search in Google Scholar

Freeman, Samuel (2007) Rawls. London/New York: Routledge.10.4324/9780203086605Search in Google Scholar

Frydman, Roman and Michael D. Goldberg (2011) Beyond Mechanical Markets. Asset Price Swings, Risk, and the Role of the State. Princeton/Oxford: Princeton University Press.10.1515/9781400838189Search in Google Scholar

Graeber, David (2001) Toward an Anthropological Theory of Value. The False Coin of Our Own Dreams. New York, Basingstoke: Palgrave.10.1057/9780312299064Search in Google Scholar

Graeber, David (2011) Debt. The First 5000 Years. Brooklyn: Melville House.Search in Google Scholar

Graeber, David (2012) Kampf dem Kamikaze-Kapitalismus. Es gibt Alternativen zum herrschenden System. München: Pantheon.Search in Google Scholar

Graeber, David (2013) The Democracy Project. A History, a Crisis, a Movement. New York: Spiegel & Grau.Search in Google Scholar

Green, Jeffrey Edward (2013) “Rawls and the Forgotten Figure of the Most Advantaged: In Defense of Reasonable Envy toward the Superrich,” American Political Science Review, 107(1):123–138.10.1017/S0003055412000585Search in Google Scholar

Hacker, Jacob S. and Paul Pierson (2010) Winner-Take-All Politics. How Washington Made the Rich Richer – And Turned Its Back on the Middle Class. New York u. a.: Simon & Schuster.Search in Google Scholar

Hayek, Friedrich. A. (1993) Law, Legislation and Liberty. A New Statement of the Liberal Principles of Justice and Political Economy. Milton Park: Routledge.Search in Google Scholar

Helfrich, Silke and Heinrich-Böll-Stiftung (eds.) (2012) Commons. Für eine neue Politik jenseits von Markt und Staat. Bielefeld: transcript.10.14361/transcript.9783839420362Search in Google Scholar

Hessel, Stéphane (2011) Empört Euch! Berlin: Ullstein.Search in Google Scholar

Hickel, Rudolf (2012) Zerschlagt die Banken. Zivilisiert die Finanzmärkte. Eine Streitschrift. Berlin: Econ.Search in Google Scholar

Jackson, Ben (2012). “Property-Owning Democracy: A Short History.” In: (Martin O’Neill and Thad Williamson, eds.) Property-Owning Democracy. Rawls and Beyond. Malden/Oxford: Wiley-Blackwell, pp. 33–52.10.1002/9781444355192.ch2Search in Google Scholar

Jaggar, Alison M. (ed.) (2010) Thomas Pogge and His Critics. Cambridge/Malden: Polity Press.Search in Google Scholar

James, Harold (2009) The Creation and Destruction of Value. The Globalization Cycle. Cambridge/London: Harvard University Press.10.2307/j.ctvjf9vxnSearch in Google Scholar

Krouse, Richard and Michael McPherson (1988) “Capitalism, ‘Property-Owning Democracy’ and the Welfare State.” In: (Amy Gutman, ed.) Democracy and the Welfare State. Princeton: Princeton University Press, pp. 157–185.Search in Google Scholar

Lovett, Frank (2010) A General Theory of Domination and Justice. Oxford: Oxford University Press.10.1093/acprof:oso/9780199579419.001.0001Search in Google Scholar

Luhmann, Niklas (1988) Die Wirtschaft der Gesellschaft. Frankfurt a. M.: Suhrkamp.Search in Google Scholar

Maffettone, Sebastiano (2010) Rawls. An Introduction. Cambridge/Malden: Polity.Search in Google Scholar

Martens, Helmut (2010) Neue Wirtschaftsdemokratie. Anknüpfungspunkte im Zeichen der Krise von Ökonomie, Ökologie und Politik. Hamburg: VSA-Verlag.Search in Google Scholar

Meyer, Thomas (2011) “Theorie der sozialen Demokratie.” 2nd revised ed. Wiesbaden: VS Verlag für Sozialwissenschaften.10.1007/978-3-531-92841-8Search in Google Scholar

Miller, Richard W. (2010) Globalizing Justice. The Ethics of Poverty and Power. Oxford: Oxford University Press.Search in Google Scholar

Misik, Robert (2010) Anleitung zur Weltverbesserung. Das machen wir doch mit links. Berlin: Aufbau Verlag.Search in Google Scholar

Naphtali, Fritz (1966) Wirtschaftsdemokratie. Ihr Wesen, Weg und Ziel. Frankfurt a. M.: EVA.Search in Google Scholar

Neuhäuser, Christian (2011) Unternehmen als moralische Akteure. Berlin: Suhrkamp.Search in Google Scholar

Norris, Pippa (2011) Democratic Deficit: Critical Citizens Revisited. Cambridge: Cambridge University Press.10.1017/CBO9780511973383Search in Google Scholar

Nozick, Robert (1974) Anarchy, State, and Utopia. New York: Basic Books.Search in Google Scholar

Nullmeier, Frank (2000) Politische Theorie des Sozialstaats. Frankfurt/New York: Campus Verlag.Search in Google Scholar

Obinger, Herbert (2012) “Die Finanzkrise und die Zukunft des Wohlfahrtsstaates,” Leviathan, 40(3):441–461.10.5771/0340-0425-2012-3-441Search in Google Scholar

Olsaretti, Serena (ed.) (2003) Desert and Justice. Oxford: Clarendon Press.Search in Google Scholar

O’Neill, Martin (2012) “Free (and Fair) Markets without Capitalism. Political Values, Principles of Justice, and Property-Owning Democracy.” In: (Martin O’Neill and Thad Williamson, eds.) Property-Owning Democracy. Rawls and Beyond. Malden/Oxford: Wiley-Blackwell, pp. 75–100.Search in Google Scholar

O’Neill, Martin and Thad Williamson (eds.) (2012) Property-Owning Democracy. Rawls and Beyond. Malden/Oxford: Wiley-Blackwell.10.1002/9781444355192Search in Google Scholar

Pettit, Philip (1999) Republicanism. A Theory of Freedom and Government. Oxford: Oxford University Press.10.1093/0198296428.001.0001Search in Google Scholar

Pogge, Thomas (2008) World Poverty and Human Rights. Cosmopolitan Responsibilities and Reforms. Second Edition. Cambridge/Malden: Polity Press.Search in Google Scholar

Pogge, Thomas and Darrel Moellendorf (eds.) (2008) Global Justice: Seminal Essays. Global Responsibilities Volume I. St. Paul: Paragon House.Search in Google Scholar

Posner, Richard A. (2009) A Failure of Capitalism. The Crisis of ’08 and the Descent into Depression. Cambridge/London: Harvard University Press.Search in Google Scholar

Posner, Richard A. (2010) The Crisis of Capitalist Democracy. Cambridge/London: Harvard University Press.10.2307/j.ctvjsf560Search in Google Scholar

Rawls, John (1971) A Theory of Justice.Cambridge, Mass.: Belknap Press of Harvard University Press.Search in Google Scholar

Rawls, John (1993) Political Liberalism. New York: Columbia University Press.Search in Google Scholar

Rawls, John (1999) A Theory of Justice. Revised edition. Cambridge: Belknap Press of Harvard University Press.10.4159/9780674042582Search in Google Scholar

Rawls, John (2001) “Justice as Fairness. A Restatement.” Edited by Erin Kelly. Cambridge/ London: Belknap Press of Harvard University Press.Search in Google Scholar

Rawls, John (2007) “Lectures on the History of Political Philosophy.” Edited by Samuel Freeman. Cambridge/London: Belknap Press of Harvard University Press.Search in Google Scholar

Roemer, John E. (1994) A Future for Socialism. Cambridge: Harvard University Press.10.1177/0032329294022004003Search in Google Scholar

Ronzoni, Miriam (2007). “Two Concepts of the Basic Structure, and Their Relevance to Global Justice,” Global Justice: Theory Practice Rhetoric, 1(1):68–85.Search in Google Scholar

Ronzoni, Miriam (2008). “What Makes a Basic Structure Just,” Res Publica, 14(3):203–218.10.1007/s11158-008-9056-0Search in Google Scholar

Ronzoni, Miriam (2012). “Life is not a Camping Trip – On the Desirability of Cohenite Socialism,” Politics, Philosophy & Economics, 11(2):171–185.10.1177/1470594X11417239Search in Google Scholar

Sandel, Michael J. (2012). What Money Can’t Buy. The Moral Limits of Markets. New York: Farrar, Straus and Giroux.Search in Google Scholar

Satz, Debra (2010). Why Some Things Should Not Be for Sale. The Moral Limits of Markets. Oxford: Oxford University Press.10.1093/acprof:oso/9780195311594.001.0001Search in Google Scholar

Schäfer, Armin and Wolfgang Streeck (eds.) (2013) Politics in the Age of Austerity. Cambridge: Polity Press.Search in Google Scholar

Scharpf, Fritz W. (2013). “Monetary Union, Fiscal Crisis and the Disabling of Democratic Accountability.” In: (Armin Schäfer and Wolfgang Streeck, eds.) Politics in the Age of Austerity. Cambridge: Polity Press, pp. 108–142.Search in Google Scholar

Schemmel, Christian (2011) “Distributive and Relational Equality,” Politics, Philosophy & Economics, 11(2):123–148.10.1177/1470594X11416774Search in Google Scholar

Schweickart, David (1993) Against Capitalism. Cambridge: Cambridge University Press.Search in Google Scholar

Schweickart, David (2012) “Property-Owning Democracy or Economic Democracy?” In: (Martin O’Neill and Thad Williamson, eds.) Property-Owning Democracy. Rawls and Beyond. Malden/Oxford: Wiley-Blackwell, pp. 200–222.10.1002/9781444355192.ch10Search in Google Scholar

Sen, Amartya (2009) The Idea of Justice. Cambridge: The Belknap Press of Harvard University Press.Search in Google Scholar

Shiller, Robert J. (2012) Finance and the Good Society. Princeton/Oxford: Princeton University Press.Search in Google Scholar

Skidelsky, Robert (2009) Keynes: The Return of the Master. London: Penguin Books.10.1093/actrade/9780199591640.001.0001Search in Google Scholar

Stiglitz, Joseph (2012) The Price of Inequality. How Today’s Divided Society Endangers Our Future. With a New Preface. New York/London. Norton.Search in Google Scholar

Streeck, Wolfgang (2014) Buying Time: The Delayed Crisis of Democratic Capitalism. London/New York: Verso.Search in Google Scholar

Teubner, Gunther (2012) Verfassungsfragmente. Gesellschaftlicher Konstitutionalismus in der Globalisierung. Berlin: Suhrkamp.Search in Google Scholar

Tomasi, John (2012) Free Market Fairness. Princeton/Oxford: Princeton University Press.10.23943/princeton/9780691144467.003.0008Search in Google Scholar

Vilmar, Fritz (1973) Strategien der Demokratisierung. Band I: Theorie der Praxis. Darmstadt/Neuwied: Hermann Luchterhand Verlag.Search in Google Scholar

Vogl, Joseph (2010) Das Gespenst des Kapitals. Zürich: Diaphanes.Search in Google Scholar

Walzer, Michael (1983) Spheres of Justice. A Defense of Pluralism and Equality. New York: Basic Books.Search in Google Scholar

Wright, Erik Olin (2010) Envisioning Real Utopias. London/New York: Verso.Search in Google Scholar

Young, Iris Marion (1990) Justice and the Politics of Difference. Princeton: Princeton University Press.Search in Google Scholar

Published Online: 2014-8-28
Published in Print: 2014-10-1

©2014 by De Gruyter

Downloaded on 30.11.2022 from frontend.live.degruyter.dgbricks.com/document/doi/10.1515/wpsr-2014-0015/html
Scroll Up Arrow