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Politics in the New Hard Times , livre ebook

Cornell University Press - Miles Kahler and David A. Lake (Editors)

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The Great Recession and its aftershocks, including the Eurozone banking and debt crisis, add up to the worst global economic crisis since the Great Depression of the 1930s. Although economic explanations for the Great Recession have proliferated, the political causes and consequences of the crisis have received less systematic attention. Politics in the New Hard Times is the first book to focus on the Great Recession as a political crisis, one with both political sources and political consequences.The authors examine variation in crises over time and across countries, rather than treating these events as undifferentiated shocks. Chapters also explore how crisis has forced the redefinition and reinforcement of interests at the level of individual attitudes and in national political coalitions. Throughout, the authors stress that the Great Recession is only the latest in a long history of international economic crises with significant political effects-and that it is unlikely to be the last.Contributors: Suzanne Berger, MIT; J. Lawrence Broz, University of California, San Diego; Peter Cowhey, University of California, San Diego; Peter A. Gourevitch, University of California, San Diego; Stephan Haggard, University of California, San Diego; Peter A. Hall, Harvard University; Miles Kahler, University of California, San Diego; Peter J. Katzenstein, Cornell University; Ikuo Kume, Waseda University; David A. Lake, University of California, San Diego; Megumi Naoi, University of California, San Diego; Stephen C. Nelson, Northwestern University; Pablo Pinto, Columbia University; James Shinn, Princeton University

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Political economy

Economic history

Central

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Publié par	Cornell University Press
Date de parution	15 avril 2013
Nombre de lectures	0
EAN13	9780801467639
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,7500€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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POLITICS IN THE NEW HARD TIMES

A volume in the series Cornell Studies in Political Economy Edited by Peter J. Katzenstein

A list of titles in this series is available at www.cornellpress.cornell.edu.

POLITICSINTHENEWHARDTIMES The Great Recession in Comparative Perspective

Edited by Miles Kahler and David A. Lake

CORNELL UNIVERSITY PRESSITHACA AND LONDON

All rights reserved. Except for brief quotations in a review, this book, or parts thereof, must not be reproduced in any form without permission in writing from the publisher. For information, address Cornell University Press, Sage House, 512 East State Street, Ithaca, New York 14850.

First published 2013 by Cornell University Press

First printing, Cornell Paperbacks, 2013 Printed in the United States of America

Library of Congress CataloginginPublication Data

Politics in the new hard times : the great recession in comparative perspective / edited by Miles Kahler and David A. Lake. p. cm. — (Cornell studies in political economy) Includes bibliographical references and index. ISBN 978-0-8014-5151-5 (cloth : alk. paper) ISBN 978-0-8014-7827-7 (pbk. : alk. paper) 1. Global Financial Crisis, 2008–2009—Political aspects. 2. World politics— 2005–2015. 3. International economic relations—Political aspects. I. Kahler, Miles, 1949– II. Lake, David A., 1956– III. Series: Cornell studies in political economy.

HB37172008 .P65 2013 330.9'0511—dc23

2012033983

Cornell University Press strives to use environmentally responsible suppliers and materials to the fullest extent possible in the publishing of its books. Such materials include vegetable-based, low-VOC inks and acid-free papers that are recycled, to-tally chlorine-free, or partly composed of nonwood ﬁbers. For further information, visit our website at www.cornellpress.cornell.edu.

Cloth printing 10 9 8 7 6 Paperback printing 10 9 8 7 6

5 4 3 2 1 5 4 3 2 1

To Peter Gourevitch Scholar, Colleague, Friend

Contents

List of Illustrations Preface

Introduction: Anatomy of Crisis: The Great Recession and PoliticalCh ange Miles Kahler and David A. Lake

Par t IAND POLITICS: IS THIS TIME DIFFERENT? CRISES 1. Economic Crisis and Global Governance: The Stability of a Globalized World Miles Kahler 2. Politics in Hard Times Revisited: The 2008–9 Financial Crisis in Emerging Markets Stephan Haggard 3. Partisan Financial Cycles J. Lawrence Broz 4. The Politics of Hard Times: Fiscal Policy and the Endogeneity of Economic Recessions Pablo M. Pinto

îx xî

102

Par t IICOALITIONS, AND CONSEQUENCES INTERESTS, 5. The Political Origins of Our Economic Discontents: Contemporary Adjustment Problems in Historical Perspective129 Peter A. Hall 6. Puzzles from the First Globalization150 Suzanne Berger 7. Portfolio Politics in the New Hard Times: Crises, Coalitions, and Shareholders in the United States and Germany169 James Shinn

vîî

vîîî CONTENTS

8. Coalition of Losers: Why Agricultural Protectionism Has Survived during the Great Recession Megumi Naoi and Ikuo Kume 9. Crafting Trade Strategy in the Great Recession: The Obama Administration and the Changing Political Economy of the United States Peter Cowhey 10. Worlds in Collision: Uncertainty and Risk in Hard Times Peter J. Katzenstein and Stephen C. Nelson

Afterword: Yet More Hard Times? Reﬂections on the Great Recession in the Frame of Earlier Hard Times Peter A. Gourevitch

References About the Contributors Index

190

212

233

253

275 303 307

Iustratîons

Figures Figure 21. Current account balances in emerging markets: Latin America, East Asia, and eastern and southern Europe (percent of GDP)57 Figure 22. Primary ﬁscal balances in emerging markets: Latin America, East Asia, and southern and eastern Europe (percent of GDP)59 Figure 31. Government partisanship before and after a Big Five crisis80 Figure 32. Government partisanship before and after a subprime crisis81

Figure 33. Partisanship before and after a subprime crisis (grouped by current account balance)82 Figure 34. Real house prices and the current account balance, Big Five and subprime cases83 Figure 35. Partisan composition of the Cabinet before and after a banking crisis83 Figure 36. Change in partisanship after a crisis, Big Five and subprime84 Figure 37. Change in mass political attitudes after a banking crisis85 Figure 38. Current account balance before and after a systemic crisis88 Figure 39. Current account balance in deﬁcit and surplus countries, subprime crises89 Figure 310. Central government structural budget balance before and after banking crises90 Figure 311. Bank regulation and supervision before and after the Big Five crises92 Figure 41. Argentina GDP and government spending: Correlation by decade117 Figure 42. Argentina government spending and revenue117 Figure 43. Constant GDP per capita (natural log) and pro-cyclical govern-ment spending121

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