Democracy and economic rights developed as part of capitalism because of the historic struggles of the working class and poor. Consequently the social contract became an important element in maintaining the legitimacy of the system. But globalization has freed the transnational capitalist class from its historic national commitments. Instead we see an emerging technocratic authoritarianism that differs from twentieth century fascism.
MalloCarlosBinderStephan“Detailed tables on preliminary locational and consolidated banking statistics at the end-June 2011.”2011Basel, SwitzerlandOctoberBank for International Settlements, Monetary and Economic Department
RobinsonWilliam I“The Crisis of Global Capitalism and the Specter of 21st Century Fascism.”2011Prague, Czech RepublicPaper delivered September 18 at the conference on “Global Capitalism and Transnational Class Formation.”