Abstract

Economic crises are never just economic—they call into question the legitimacy of all major social institutions and the governing value system that unifies them into a hegemonic way of life. That is why crises are always moments of possibility for systemic change—the contradiction between the ruling value system and people’s life-requirements is exposed, opening a shared space for critical, democratic reflection on alternatives to a failing status quo. If democratic mobilization is to be defeated and the crisis resolved on the ruling class’s terms, new ways of running existing institutions must be devised.

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