The great financial crisis and the end of normal

In his book The End of Normal, James K. Galbraith turned to the causes of the Great Financial Crisis beginning in 2007. The central question was if the (supposed) pre-crisis normality of high growth rates could be reestablished – which Galbraith, from the perspective of a “biophysical analytical framework” and with view to the structural problems of high energy prices, geopolitical instability, technological change and the faulty design of the financial system, doubted. In the present paper, Galbraith reconsiders his central theses and explains why he holds on to them in spite of recent economic recovery and other developments like falling oil prices, and what, from his point of view, speaks against a return to a “new normal.” In addition, he discusses what political implications follow from his diagnosis. Klaus Dörre introduces Galbraith’s approach and underlines its relevance for the thematic context of capitalism, growth and democracy. For Dörre, Galbraith shows that “post-growth capitalisms” have, at least in the societies of the Global North, long become a reality – which is why it makes little sense to reserve the concept of “post-growth society” for utopic visions of the future, yet all the more to engage with Galbraith’s call for policies suited to an economy of slow growth.