The fundamental mechanism that shapes the social order of welfare societies is the functional antagonism between the capitalist economy, on the one hand, and democratic politics on the other. This mechanism, with its mixed blessings, has been an unchanging feature of western welfare societies...

'This is a well-structured book on a complex question that has been relevant for centuries leading up to the actual crisis in the EU and the international financial markets. The book offers a rich picture of empirics, and discusses, explains and criticizes a number of classical theories in the...