In the course of the neoliberal globalization offensive capital has become more international. This development has placed the question of the state on the agenda once again. The central issue here is the extent to which the existing plurality of states should be seen as a historically contingent state of affairs which might not in principle last indefinitely, or as a structural component of the capitalist mode of production. One important aspect of this issue is the question of how the relationship between the “political form” of capitalism and “institutions” is understood. More often than not, even approaches that use Marxist theory have tended to address this question in an unsatisfactory manner.

Our article focuses on a question that is at the core of comparative capitalisms (CC) scholarship and historical materialist state theory: What is an appropriate theory of institutions in capitalism? How can we conceptualise institutions in relation to the fundamental contradictions and power relations of capitalism? Starting from the social foundations of institutions, the aim of this article is to show how institutional complementarity and institutional change can be explained through analysing shifting relationships of social forces. With our newly developed method of a ‘historical materialist policy analysis’, in which we have integrated insights of CC approaches, we seek to show how an empirical investigation of relationships of forces can be operationalised. This is briefly illustrated in an analysis of the constellation of forces in the current Euro crisis.

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John Kannankulam and Fabian Georgi show, that the dominant authoritarian neoliberal fraction of the german Federal Government made a change of course in summer 2012. It quits with some ordoliberal principles and stops resistance against the mutualization of debt and expansive monetary policy. The alliance of a national-conservative and an ordoliberal fraction broke up. The contradiction within the (neo-)liberals and conservatives result in a foundation of a new right-wing party, the AfD, Alternative für Deutschland (Alternative for Germany). Anyway new conflicts arise and the Great Coalition of Merkel’s CDU and the Social Democrats hold on its hard-line (against greece): austerity. John Kannankulam and Fabian Georgi reconstruct the dynamics on the basis of four phases in which the authoritarian-neoliberal fraction prevail.

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