Gunther Teubner
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A constitutional moment?
The logics of ‘hitting the bottom’
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This chapter draws a bow from the self-destructive growth compulsions of social systems, over the moment of near-catastrophe, to new orientations, which cannot be effected from the outside but only through the transformation of their ‘inner constitution’. It makes four main arguments. (1) in order to understand the global financial crisis, we should not rely on factor analysis alone. Instead, we should look for the underlying self-destructive growth compulsions of information flows. (2) To ‘hit the bottom’ refers to the constitutional moment when either a catastrophe begins or societal forces for change are mobilised in such intensity that the ‘inner constitution’ of the economy transforms under their pressure. (3) Plain money reform is one of several examples that illustrate a capillary constitutionalisation of the global economy. (4) The dichotomy constitutional/unconstitutional develops into a binary meta-code within the structural coupling between the economy and law, and is ordered above both the legal code and the economic code.

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