Social democracy requires intimidated capital feeling constrained to compromise with society â predators scared enough to pretend they were dairy cows. âGlobalizationâ was the window of opportunity for postwar capitalism to drop the disguise and return to business as usual.
With time â not a very long time â it was no longer capital that was intimidated but national governments, with the exception perhaps of the one state that did and does in fact serve as the executive committee of global capitalism, the US. Today states are located in markets, no longer markets in states. This is a problem good-old social democracy was and is unable to understand, not to speak of solve.