Coping with Crisis
Government Reactions to the Great Recession
Publication Year: 2012
Published by: Russell Sage Foundation
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The Russell Sage Foundation, one of the oldest of America’s general purpose foundations, was established in 1907 by Mrs. Margaret Olivia Sage for “the improvement of social and living conditions in the United States.” The Foundation seeks to fulfill this mandate by fostering the development and dissemination of knowledge about the country’s political, social, and economic problems. While the Foundation endeavors to assure the accuracy and objectivity ...
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Chapter . [Coping with Crisis: An Introduction]
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The chinese ideograph for crisis combines the image of danger with the image of opportunity. This makes good sense. Crises are surely periods of peril, but they also facilitate change. This simple observation is the essence of the punctuated equilibrium model in economics. It is also the founda-tion of the social science literature on critical junctures. Whether they take ...
Part [I]. [International Origins, Organizations, and Constraints]
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Chapter . [Modern Capitalism and the Advanced Nation State: Understanding the Causes of the Crisis]
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We argue in this chapter that the crisis illuminates the relationship be-tween modern capitalism and the advanced nation state. Advanced na-tion states are deeply concerned—in a world in which they can no longer use protection, direct intervention, or subsidies—with promoting the in-terests of their high value-added sectors, which are central to their innova-...
Chapter . [Multilateralism Reborn?: International Cooperation and the Global Financial Crisis]
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...ways in which they responded to the 2007 to 2009 global financial crisis. States worked together to manage the crisis through activities such as macroeconomic stimulus programs, supporting markets and firms in dis-tress, enhancing the lending capacity of official international financial in-stitutions, and restraining protectionism. Cooperation of this kind is cred-...
Chapter . [European Fiscal Responses to the Great Recession]
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Beginning in late 2007 with the collapse of the construction, real estate, and housing booms in Ireland and Spain, in 2008 and 2009 one European country after another experienced the most severe economic contraction since the 1930s. The effects of the contractions were amplified, of course, because they were synchronized and continent-wide, and part of a larger ...
Chapter . [Policymaking in Hard Times: French and German Responses to the Eurozone Crisis]
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Times are hard for economic policymaking. A financial crisis of unprec-edented scope shattered politicians’ beliefs in the received economic wis-dom that had informed two decades of continuous reform. After the de-mise of pump-priming Keynesianism in the late 1970s, governments tried to reduce their involvement in the direct provision of goods and services. ...
Chapter : [The Sorrows of Young Euro: The Sovereign Debt Crises of Ireland and Southern Europe]
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This chapter examines the sovereign debt crisis of the so-called GIIPS countries—Greece, Ireland, Italy, Portugal, and Spain—focusing in par-ticular on the interaction between national political economic conditions and membership in the eurozone. Ever since Peter Gourevitch’s seminal Politics in Hard Times (1986), comparative political economy scholars have ...
Part [II]. [Cases and Comparisons]
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Chapter . [The Politics of the Pop: The U.S. Response to the Financial Crisis and the Great Recession]
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Recent research on the American political economy has stressed the emergence of at least two salient features: The first is the increasing levels of political polarization, partisanship, and ideological rigidity (McCarty, Poole, and Rosenthal 2006; Theriault 2008). This polarization in turn has made policymaking more difficult and contributed to gridlock (McCarty ...
Chapter . [Politics and Policies in Two Economic Crises: The Nordic Countries]
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In the Great Recession, the deep economic downturn of 2008 to 2009, European governments adopted expansionary fiscal policies quickly, and with little apparent controversy. In December 2008, the member states of the European Union agreed on a European Economic Recovery Program, which included discretionary stimulus measures amounting to 1.5 percent ...
Chapter . [The Global Economic Crisis and the Politics of Regime Change in Japan]
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Unlike in the United States or Europe, the 2008 to 2009 crisis did not hit Japan through the banking sector. Rather, it unfolded mainly through the contraction of global trade and the collapse of its key export engine, which led to a 6.3 percentage point GDP contraction in 2009 and forced the gov-ernment to rely further on fiscal stimulus and increase its overall public ...
Chapter . [The Liberal Model in (the) Crisis: Continuity and Change in Great Britain and Ireland]
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The current crisis is a global one, but variation has been considerable across countries in the nature and scale of the economic downturn, in pol-icy responses, and in the political impact. Why were some countries af-fected more than others, and what explains the varied policies imple-mented in response? The financial crisis has been characterized as a crisis ...
Part [III]. [Cross-National Consequences]
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Chapter . [Crisis as Political Opportunity?: Partisan Politics, Housing Cycles, and the Credit Crisis]
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The financial crisis of the autumn of 2008, sparking fears of a repeat of the Great Depression, produced a dramatic and choreographed set of gov-ernment responses across the advanced industrial world. Policymakers faced immediate threats requiring urgent action, in particular the teeter-ing financial sector, as well as the impending likelihood of a prolonged ...
Chapter . [West European Welfare States in Times of Crisis]
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It is well known that relative poverty has increased dramatically in a number of industrialized democracies in recent times. In a 2008 report, before the effects of the Great Recession had been realized, the Organisa-tion for Economic Co-operation and Development (OECD) observed that the period from 2003 to 2008 had seen growing inequality and poverty in ...
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Page Count: 430
Publication Year: 2012