Capital Accumulation and State

Abstract

The state is a central topic of debate in social sciences, defined by its institutional framework and legal authority as the embodiment of collective societal will. Its role and legitimacy are continually contested. The state wields a monopoly on legitimate violence and governs through laws and institutions, reflecting social consensus but often leading to divergent perspectives. Some view the state as a necessary evil, curbing individual freedoms for communal order and security, while others see it as a vehicle for social justice and welfare. Historically, the state's role has evolved, expanding during the rise of Keynesian economics to mitigate market failures and contracting under neoliberalism, which advocates for market efficiency, privatization, and deregulation. Ideological differences shape perceptions of the state: socialists see it as a tool for wealth redistribution and equality, while liberals favor a minimal state prioritizing individual liberty and market mechanisms.