Mike Brake suggests that subcultures develop in response to social problems which a group experiences collectively, and shows how individuals draw on collective identities to define themselves.
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This is a well-summarized and structured work on youth subculture theory up to the 1980s. It is a dense and comprehensive study that explores a wide range of topics, including delinquency, generations, social classes, racism, femininity, ecc. Throughout, it seeks to explain subcultures—not just as a sociological phenomenon, but also as a historical one. In my view, while not perfect (and not always easy to read), it is essential reading for any scholar interested in youth subcultures.