Habermas theorized crisis of advanced capitalism. He revealed that despite economy being managed by state, crisis cannot be resolved. Rather, it shifted from economy to politics and to culture. Legitimation crisis and motivation crisis therefore emerged. His theory inspired Nancy Fraser who took financialized capitalism as her subject matter. However, with the decaying of advanced capitalism, the social conditions to which the theory of crisis by Habermas was available were transformed. Consequently, Fraser made difference to Habermas’ theory. By cooperating Gramsci’s conception of hegemony with Habermas’ crisis theory, she demonstrated that neoliberalism which contributes to the globalization of capital in financialized capitalism diminishes public power. Consequently, it hollows out the necessary condition for a sustained accumulation of capital. Given these, Fraser argued that financialized capitalism, especially America, confronts legitimation crisis.