McGuigan doesn’t work within the framework of the nation-state erosion, which makes his work very interesting to me because it adds a completely different dimension.
His account of what we are seeing is that capitalism had to adopt some welfare arrangements to make itself more palatable to people after the excesses of the wild capitalist stage of the 19th century and the resulting social upheavals.
Then, capitalism found another way to seduce people into allegiance and there was no more need to placate anybody with welfare. So the welfare protections are being rolled back. The seductive strategies of “cool capitalism” are what McGuigan studies.