Classes and Class Conflict during the present Capitalist Crisis Erik Olin Wright University of Wisconsin December, 2011.

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Classes and Class Conflict during the present Capitalist Crisis Erik Olin Wright University of Wisconsin December, 2011

Conditions for Class compromise in the “Golden Age” of developed capitalism (1950s-early 1970s)

Realization of class Interests Popular power strongweak strong Class interests and Popular power The working class

Realization of class Interests Popular power strongweak strong Class interests and Popular power Region of curve for positive class compromise The working class The capitalist class

Realization of Interests of Capital Popular power strongweak strong Region excluded by legal rules and public policy of the democratic affirmative state Modal country Capitalist interests and Popular power in the “Golden Age” Region of curve for positive class compromise

Going beyond capitalism: The Transition Trough Problem Transition trough Capitalism Socialism Beginning of transition to socialism Material welfare of median personHistorical time Hypothetical trajectories The future Observable trajectory

The current era of stagnation and crisis

Realization of Interests of Capital Popular power strongweak strong Golden Age

Realization of Interests of Capital Popular power strongweak strong Current Era of Stagnation & Crisis Effects of neoliberalism Effects of financialization and globalization Effects of austerity and attack on democratic empowerment

The Transition Trough Problem: Golden Age Transition trough Capitalism Socialism Beginning of transition to socialism Material welfare of median personHistorical time Hypothetical trajectories The future Observable trajectory

The Transition Trough Problem: current era Transition trough Capitalism Socialism Beginning of transition to socialism Material welfare of median personHistorical time Hypothetical trajectories The future Observable trajectory

Three propositions 1.The transition trough remains a fundamental obstacle to transcending capitalism through democratic means 2.Nondemocratic transformations of capitalism will not result in democratic-egalitarian socialism 3.The central immediate task, therefore, is how to restore the conditions for positive compromise

Three propositions 1.The transition trough remains a fundamental obstacle to transcending capitalism through democratic means 2.Nondemocratic transformations of capitalism will not result in democratic-egalitarian socialism 3.The central immediate task, therefore, is how to restore the conditions for positive compromise

Three propositions 1.The transition trough remains a fundamental obstacle to transcending capitalism through democratic means 2.Nondemocratic transformations of capitalism will not result in democratic-egalitarian socialism 3.The central immediate task, therefore, is how to restore the conditions for positive compromise

Realization of Interests of Capital Popular power strongweak strong Transforming the conditions for class compromise Democratically regulate finance and strengthen geographically rooted capital accumulation Deepen democracy Reconstruct the affirmative state

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