The crisis so far: A short guide
In August 2007, the Case-Shiller Home Price Index was beginning to decline, after being stuck at a plateau for most of the preceding year. In France, BNP Paribas was about to close two investment vehicles that were heavily exposed to the US housing market. And Northern Rock Bank was days away from the first British bank run in more than a century. The world was on the edge of the largest economic crisis in a generation. From the pages of Governance, here is a reading list on the crisis so far.
Peter Hall considers when, if ever, the overall paradigm about government-economy relations is likely to change. And David Coen and Alasdair Roberts address the same question, suggesting that we are entering a new age of uncertainty.
Klaus Armingeon explores the politics of fiscal responses in the immediate aftermath of the 2008 crash. Paul Posner and Jon Blondal consider the prospects for fiscal responsibility in democratic nations. Mark Blyth studies the durability of pre-crisis conventional wisdom in the realm of fiscal policy. And Mark Vail describes Keynesian responses to the great recession in France and Germany.
Christopher Hood and Martin Lodge ask how the new era of austerity will affect trends in public sector reform. And John Gieve and Colin Provost consider how the crisis has reshaped attitudes about mechanisms for coordinating macroeconomic and regulatory policy.
Herman Schwartz examines how cronyism and corruption contributed to the collapse of Iceland’s financial sector. Sebastian Royo asks how the Spanish financial system survived the first stage of the global crisis. And David Howarth explains the resilience of the French banking system. The effect of the crisis on financial regulation is also examined by Julie Froud, Adriana Nilsson, Michael Moran and Karel Williams.
Vivien Schmidt considers how the crisis has revealed the unfinished architecture of Europe’s economic union. Richard Allen discusses the IMF’s role in the global economy.
Kishore Mahubani provides a perspective on the crisis from East Asia. And Lan Xue also addresses the shifting global order. And Matt Andrews considers how the crisis will affect the willingness of developing countries to take policy advice from the advanced democracies.