The aim of this article is to show in what sense the institutions of the welfare state are key to the struggles that are developing around the debt crisis and against the austerity policies carried out in its name. The first part is dedicated to isolating some elements which contribute to explaining the nature of the current crisis of capitalism and the strategic issues at stake in the policies of expropriation of welfare institutions. The second part emphasizes how, around the (...) question of welfare institutions, the crisis articulates two alternative models of society and regulation of a knowledge-based economy. Within this framework, we will put forward a few lines of analysis in order to think of a different model of development, one which is founded on the ‘Welfare of the Common’ as a new mode of production. (shrink)