By Terrence Casey (editor)
Whilst the worldwide economic climate crashed, governments in the United States and Britain perfomed the best bailout in historical past. The legacy is checklist govt debt, low development and a brand new period of austerity. A stellar forged of members, together with Tim Bale, Wyn provide and Graham Wilson supply a cosmopolitan account of the way the administrations are faring.
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Extra resources for The Legacy of the Crash: How the Financial Crisis Changed America and Britain
Example text
153). Perhaps so, but some of the European examples are not particularly impressive in terms of rates of growth or levels of unemployment. The broad argument presented here is that the UK does conform to a liberal model of capitalism, not least in terms of the centrality and mode of organization of the financial services sector, but that the terrain in Britain is more contested than in the US. This is for two main reasons. First, when the British model is under pressure, as in the GFC, there is an alternative model that can be resorted to in a way that is not possible in the United States, or at least has not been possible since the days of the New Deal.
98). A hybrid political economy could, however, be seen as a sign of weakness rather than strength (Gamble, 2010a) in so far as it tries to bring together incompatible principles. One response to the question what variety of capitalism is British capitalism is to state that ‘the most reasonable short answer would have to be that it is a very complex one’ (Coffey and Thornley, 2009, 22 The Legacy of the Crash pp. 152–3). This may be a correct assessment, but it is an inherently unsatisfactory one.
However, deficient economic performance and growing electoral concerns may produce ‘ad hoc’ initiatives from the Cameron government which mimic those of the Obama administration at the height of the crisis. References Casey, T. (2009) ‘Mapping Stability and Change in Advanced Capitalisms’, Comparative European Politics, 7, 255–78. Chester, N. (1975) The Nationalisation of British Industry, 1945–51 (London: HMSO). Chick, M. (2010) ‘Network Utilities: Technological Development, Market Structure and Forms of Ownership’, in D.