This major re-assessment by a leading political economist shows that the 2008 financial crash was no ordinary crisis, but the harbinger of a much deeper convulsion comparable to the major past crises of capitalism. While it...Show More
This major re-assessment by a leading political economist shows that the 2008 financial crash was no ordinary crisis, but the harbinger of a much deeper convulsion comparable to the major past crises of capitalism. While it is still uncertain whether it will become a transformative crisis for the international order, what we do know already is that:
• While the crash particularly affected western states, and those unevenly, no part of the international economy is immune from its effects.
• While the immediate crisis was contained, its magnitude is shown by how long it has taken western economies to recover, and by the need for exceptional measures, such as near-zero interest rates over a prolonged period.
• There is not a single crisis, but a series of crises, highlighting in particular a deeper set of dilemmas about western leadership, democracy and prosperity which unless addressed, will preclude sustained recovery and pave the way to new and deeper crises.
Andrew Gamble maps out likely scenarios in a turbulent world in which the weakening of the old western international order as a result of the decline in the capacities and will of the United States combine with internal deadlocks in both the US and the Eurozone over the management of austerity and debt and in many of the rising powers, especially China, over the management of growth and rising expectations. The path to a new era of prosperity depends on a reformed international order, solutions to budget as well as fiscal deficits, and new forms of sustainable growth. But these demand a political will so far notable by its absence at all levels without which there is little prospect of escape from a future of crisis without end.
A systematic reassessment of the global financial crisis and its consequences by a leading authority
Uniquely broadranging coverage
Shows the crisis is here to stay and threatens the very foundations of Western prosperity
1: The new stagflation
2: Understanding crisis
3: The crash and the recovery
4: The global shift
5: The governance conundrum
6: The growth conundrum
7: The fiscal conundrum
8: Paths to the future
Guide to further reading.
ABOUT THE AUTHOR
- Theory and Methods in Political Science Vivien Lowndes, David Marsh, Gerry Stoker
- Development and the State in the 21st Century Erica Frantz, Natasha Ezrow, Andrea Kendall-Taylor
- The Government and Politics of the European Union Neill Nugent
- Global Politics Andrew Heywood
- Understanding Public Administration Michiel S. de Vries
- Comparative Government and Politics John McCormick, Rod Hague, Martin Harrop
- Political Ideologies Andrew Heywood
- Public Management and Administration Owen E. Hughes
- European Politics Tim Bale
- Europe Recast Desmond Dinan
- Essentials of UK Politics Andrew Heywood
- Terrorism Richard Jackson, Lee Jarvis, Jeroen Gunning, Marie Breen-Smyth