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A Legitimation Crisis of the Capitalist Market Economy?

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Capitalism and Its Legitimacy in Times of Crisis

Part of the book series: Transformations of the State ((TRST))

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Abstract

Why has the 2008 financial crisis not triggered a Great Transformation of the capitalist market economy? The introductory chapter by Steffen Schneider and Henning Schmidtke argues that the stability of legitimating ideas in media discourse plays a role in solving this puzzle. The chapter first outlines the rationale of empirical research on the legitimacy of economic regimes, defines key concepts such as the notion of a discursive legitimation crisis and makes the case for text-analytical research on the social construction of legitimacy. The second part introduces the text corpus and data set on which the analyses of legitimation discourse in Switzerland, Germany, the United Kingdom and the United States are based, and summarizes the specific research questions, methods and key findings of the following chapters.

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Notes

  1. 1.

    Throughout the book, we use the encompassing label ‘capitalist market economy’ to refer to all varieties of a capitalist, market-based economic regime. Thus, we do not follow authors who distinguish between ‘capitalism’ and the ‘market economy’ or give them distinct – negative and positive – connotations. However, such ‘elective affinities’ between the label ‘capitalism’ and criticism, on the one hand, and the label ‘market economy’ and support, on the other, are very pronounced in public legitimation discourse (see Chapter 3).

  2. 2.

    Wherever possible, electronic versions of articles available in the Factiva data base (global.factiva.com) were used. For the FAZ, we relied on FAZ-BiblioNet; text material from the 1998 Tagesanzeiger – which is not available electronically – could not be included.

  3. 3.

    The search routines are documented in our codebook at http://www.sfb597.uni-bremen.de/download/en/forschung/B1_Codebook.pdf.

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Authors and Affiliations

  1. Research Centre on Inequality and Social Policy (SOCIUM), University of Bremen, Bremen, Germany

    Steffen Schneider

  2. Bavarian School of Public Policy, TUM School of Governance, Technical University of Munich, Munich, Germany

    Henning Schmidtke

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  1. Steffen Schneider
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Editors and Affiliations

  1. SOCIUM Research Center on Inequality and Social Policy, University of Bremen, Bremen, Germany

    Steffen Schneider

  2. Bavarian School of Public Policy, TUM School of Governance, Technical University of Munich, Munich, Germany

    Henning Schmidtke

  3. SOCIUM Research Center on Inequality and Social Policy, University of Bremen, Bremen, Germany

    Sebastian Haunss

  4. Centre for Global Cooperation Research (Käte-Hamburger-Kolleg), Duisburg, Germany

    Jennifer Gronau

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Schneider, S., Schmidtke, H. (2017). A Legitimation Crisis of the Capitalist Market Economy?. In: Schneider, S., Schmidtke, H., Haunss, S., Gronau, J. (eds) Capitalism and Its Legitimacy in Times of Crisis. Transformations of the State. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-53765-8_1

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