How The Great Expectations Of The Middle Class Have Changed The Politics Of Banking Crises
Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.
|auteur:||Walter, Andrew (university Of Melbourne); Chwieroth, Jeffrey M. (london School Of Economics And Political Science)|
|Uitgever:||Cambridge University Press|
|Plaats van publicatie:||03|
|Afmetingen:||235 x 155 x 36|
Andrew Walter is Professor of International Relations in the School of Social and Political Sciences at the University of Melbourne. He has received research grants from the Australian Research Council and the Centre for International Governance Innovation in Canada. He has published numerous articles on the political economy of international money and finance and their governance among and within countries. His books include Governing Finance: East Asia's Adoption of International Standards (2008), Analyzing the Global Political Economy (2009), China, the United States, and Global Order (Cambridge, 2011, with Rosemary Foot), East Asian Capitalism (2012, ed. with Xiaoke Zhang), and Global Financial Governance Confronts the Rising Powers (2016, ed with C. R. Henning).
'The global pandemic of banking crises, and government-sponsored bailouts in response to those crises, are both unprecedented phenomena. Such new and socially costly phenomena beg for deep inquiry by political scientists seeking to understand their political roots, and The Wealth Effect offers just such an inquiry. It argues convincingly that bailouts and the severity of crises are connected to each other, and both reflect a new underlying politics in which the protection of banks has become popular with a broad class of voters. This book challenges mechanical views of risks that abstract from politics, and in doing so, calls upon voters in democracies to look in the mirror when seeking causes for their financial system, and fiscal, troubles.' Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, New York
Part I. Banking Crises and the Rise of Great Expectations: 1. Great expectations, banking crises, and democratic politics; 2. Great expectations: banking crises, policy responses and politics; 3. Household wealth and financialization in the United Kingdom, the United States and Brazil since the nineteenth century; 4. The emergence of great expectations in the United Kingdom, the United States and Brazil; Part II. Evolving Policy Responses to and Political Consequences of Banking Crises since the Nineteenth Century: 5. Changing expectations and policy responses to banking crises; 6. Banking crises and voters over the long run; Part III. Banking Crises, Policy and Politics in the United Kingdom, the United States and Brazil since the Nineteenth Century: 7. Banking crises in the United Kingdom in an era of low expectations; 8. A banking crisis in the United Kingdom in an era of great expectations; 9. Banking crises and politics in the United States before 1945; 10. The 2007–2009 crisis and its aftermath in the United States; 11. Banking crises in Brazil in an era of low expectations; 12. Banking crises in Brazil in an era of rising expectations; 13. Conclusion.
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