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WITH THE PRESENT FINANCIAL MELT-DOWN in the U.S. throwing the global economy into question, many on the “Left” are wondering again about the nature of capitalism. While many will be tempted to jump on the bandwagon of the “bailout” being floated by the Bush administration and the Congressional Democrats (including Obama), others will protest the “bailing out” of Wall Street.
Confronting the confusion and fragmentation that wrought progressive politics in recent decades, Ernesto Laclau’s work attempts to theorize the path to the construction of a radical democratic politics. Drawing on Gramsci’s concept of hegemony to devise his own theory by that name, Laclau describes the processes of social articulation that creates popular political identities.