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Neoliberalism, Austerity, and the Global Crisis of Legitimacy

The Activist - The world is not simply in the midst of a deep economic slump. This is but one aspect of the crisis of legitimacy that confronts almost all of the political and economic institutions that comprise the capitalist world system today. The ongoing revolt in the Arab world against political corruption and socioeconomic exclusion is unquestionably the most dramatic manifestation of this phenomenon, but the crisis of legitimacy is not confined to that region alone. The grievances that have fueled street protests and revolutionary movements from Morocco to Iran are shared in greater or lesser degrees by people all around the globe – the indignados of Puerta del Sol, the aganaktismenoi of Syntagma Square, students and public sector strikers in the U.K., and the hundreds of thousands of protesters who, for a brief time, turned Madison into a Midwestern version of Tahrir Square.  Read more.

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