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Economics, Politics and Democracy in the Age of Credit-Rating Capitalism

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Unlike in earlier major economic crises, the current turmoil in the global economy has seen the consolidation of orthodoxy as the dominant paradigm. This essay traces the political economy of change in the current situation and discusses how credit-rating agencies have assumed a pivotal role in delinking politics from the conduct of economic policy, thereby undermining the legitimate role of the state in the economic domain.

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