Critical Theory and the Critique of Capitalism: An Immanent Critique of Nancy Fraser's “Systematic” “Crisis-Critique” of Capitalism as an “Institutionalized Social Order”

The predominant approach to contemporary critical theory lacks a critical theory of capitalist society. Nancy Fraser has endeavored to provide such a critical theory in her “systematic” “crisis–critique” of capitalism as an “institutionalized social order.” Yet Fraser's “systematic” theory is not systematic, but fragmentary and internally inconsistent. The Marxian premises of Fraser's theory are at odds with its ensuing Habermasian notions of capitalism, contradiction, crises, and emancipation, and her theory consequently lacks a robust explication of these dynamics. This raises the alternative possibility of developing a contemporary critical theory of the crisis–ridden reproduction of the negative totality of capitalist society that brings Adorno and Horkheimer's critical theory together with the subterranean strand of contemporary critical theory: the New Reading of the critique of political economy as a critical social theory.