question: The paper builds on the classical understanding of the interplay between material processes and political conflicts, but generalises it in several key respects. This approach does not assume relevant political-economic aggregations ex ante (such as industries or ‘classes’); rather, it explores different possible ways of aggregating social groups and defining their interests depending on the situation under investigation. Moreover, interdependencies in the economy impose the need to keep conflicts within boundaries that are compatible with the viability of the system. Because sectors and groups can be aggregated in different ways, dynamics also depends on how actors represent the system and their position therein, and hence what they understand their interest to be. Different representations give rise to different definitions of competing interests and viability requirements, which in turn generate different endogenous dynamics of the political-economic system. The approach is illustrated through the examples of the Eurozone crisis and Covid-19 crisis.