ECONOMIC CRISIS IS IMMEDIATELY TRANSFORMED INTO SOCIAL CRISIS

Karl Marx argues that capitalist societies are prone to the economic crisis and that these will worsen over time, culminating in a workers' revolution. But why is it that when a society has such a crisis, a somewhat different change in the political climate often follows?

This was the question posed by the German sociologist Jürgen Habermas in the early 1970s. he was intrigued by the relationship between capitalism and crisis, having seen the system survive a series of extraordinary events such as the wall street crash of 1929 in the USA, 2008 in worldwide and now after COVID 19, the subsequent great depression, the rise, and fall of fascist movements all over the world.

But mostly this is not applicable to democratic countries and western late-capitalist societies.

Crisis of legitimacy

although the economic cycles of prosperity and recession continue, policy measures by nation-states have enabled them to avert major crises. unlike earlier capitalist societies, under state-regulated late-capitalism, the primary site of crisis and conflict has shifted to the cultural and political spheres.

References

1. The sociology book by DK