The Legacy of the Crash: How the Financial Crisis Changed America and Britain PDF
Preview The Legacy of the Crash: How the Financial Crisis Changed America and Britain
The Legacy of the Crash This page intentionally left blank The Legacy of the Crash How the Financial Crisis Changed America and Britain Edited by Terrence Casey Associate Professor of Political Science and Head of Department, Department of Humanities and Social Sciences, Rose-Hulman Institute of Technology Editorial matter, selection, introduction and conclusion © Terrence Casey 2011 All remaining chapters © respective authors 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-30458-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2011 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN 978-0-230-30459-8 ISBN 978-0-230-34349-8 (eBook) DOI 10.1057/9780230343498 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11 To my wife Allison and our greatest legacies – Maria, Jack, and Oliver This page intentionally left blank Contents List of Tables and Figures ix Preface and Acknowledgments x Notes on Contributors xii 1 Introduction: The Political Challenges of Hard Times 1 Terrence Casey Part I: The Causes and Consequences of the Crash 2 Was there Ever an Anglo-American Model of Capitalism? 19 Wyn Grant 3 Capitalism, Crisis, and a Zombie Named TINA 38 Terrence Casey 4 A Tale of Two Cities: Financial Meltdown and the Atlantic Divide 60 David Coates and Kara Dickstein 5 Fiscal Policy Responses to the Economic Crisis in the UK and the US 79 Edward Ashbee Part II: Post-Crash Political Trends 6 Divided in Victory? The Conservatives and the Republicans 101 Tim Bale and Robin Kolodny 7 The Crisis of Capitalism and the Downfall of the Left 122 Graham Wilson 8 Third Parties and Political Dynamics in the UK and the US 139 Arthur I. Cyr 9 Party Polarization and Ideology: Diverging Trends in Britain and the US 159 Nicol C. Rae and Juan S. Gil 10 Economics, Partisanship and Elections: Economic Voting in the 2010 UK Parliamentary and US Congressional Elections 179 Michael J. Brogan viii The Legacy of the Crash Part III: The Shifting Ground of Public Policy 11 The Politics and Changing Political Economy of Health Care in the US and the UK 201 Alex Waddan 12 From 9/11 to 2011: The ‘War on Terror’ and the Onward March of Executive Power? 221 John E. Owens and Mark Shephard 13 The ‘War on Terror’ in Court: A Comparative Analysis of Judicial Empowerment 242 Richard J. Maiman 14 Conclusion: Anglo-American Politics in the Age of Austerity 263 Terrence Casey Index 283 List of Tables and Figures Tables 3.1 GDP growth and unemployment rates in the US and UK 49 5.1 Total projected size of stimulus packages (spending and tax measures) in the UK and US, 2008–10 81 6.1 Percentage of votes and seats by party, UK House of Commons, 1979–2010 105 6.2 Percentage of votes and seats by party, US House of Representatives, 1980–2010 110 10.1 Two-stage probit estimates 2010 UK general election (cross-sectional data) 185 10.2 Two-stage probit estimates 2010 US congressional elections 188 10.3 Defining the variables for the economic-minded partisan model 194 13.1 Summary of US Supreme Court and UK House of Lords judgments restricting government actions, 2004–09 247 Figures 3.1 US and UK total government expenditure, 1970–2008 39 3.2 Public debt levels 49 10.1 Average difference in probability of voting for the Labour Party based on economic vote (economy has ‘stayed the same or better’ from economy has gotten ‘worse’) 186 10.2 Average difference in probability of voting for the Democratic Party based on the economic vote (economy has ‘stayed the same or better’ from economy has gotten ‘worse’) 189 ix
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