The Failure of Anglo-liberal Capitalism PDF
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The Failure of Anglo-liberal Capitalism DOI: 10.1057/9781137360519 Building a Sustainable Recovery: SPERI Research & Policy Series Editors: Colin Hay and Anthony Payne, co-Directors of the Sheffield Political Economy Research Institute (SPERI) at the University of Sheffield, UK. The Sheffield Political Economy Research Institute (SPERI) is an innovation in higher educa- tion research and outreach. It brings together leading international researchers in the social sciences, policy makers, journalists and opinion formers to reassess and develop proposals in response to the political and economic issues posed by the global financial crisis. Building a Sustainable Recovery: SPERI Policy & Research will serve as a key outlet for SPERI’s published work. Each Pivot will summarise and disseminate to an academic and student audience, as well as directly to policy-makers and journalists, key policy-oriented research findings designed to further the development of a sustainable recovery for the national, regional and world economy following the global financial crisis. It takes a holistic and interdisciplinary view of political economy in which the local, national, regional and global interact at all times and in complex ways. Like the SPERI research agenda, the series seeks to explore the core economic and political questions that require us to develop a new sustainable model of political economy. Titles include: Colin Hay THE FAILURE OF ANGLO-LIBERAL CAPITALISM DOI: 10.1057/9781137360519 The Failure of Anglo-liberal Capitalism Colin Hay DOI: 10.1057/9781137360519 © Colin Hay Soffftcoverreprint off thehardcover 1stedition2013 ––– –2 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 , or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, – Kirby Street, London ECN TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act . First published by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number , of Houndmills, Basingstoke, Hampshire RG XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, Fifth Avenue, New York, NY . 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: –––– PDF ISBN:978–1–349–47189–8 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. www.palgrave.com/pivot doi: ./ For the journey ahead DOI: 10.1057/9781137360519 Contents List of Tables and Figures vii Acknowledgements viii 1 Introduction 1 2 The Unfolding of the Crisis – In Three Waves 6 3 A Fiscal Crisis of and for the State? 17 4 The Anglo-liberal Growth Model 22 5 From Bubble Burst to Austerity 33 6 Getting What Went Wrong Right ... And Putting It Right 48 7 Conclusion – Crisis, What Crisis? 62 References 65 Index 69 vi DOI: 10.1057/9781137360519 List of Tables and Figures Tables 2.1 Ratio of residential mortgage debt, 2007 to 2000 10 2.2 Ratio of outstanding household debt, 2007 to 2000 11 2.3 Ratio of house prices, 2007 to 2000 11 3.1 Current account balance in 2009 20 3.2 Rise in general government debt, 2006 to 2009 20 Figures 2.1 The unfolding of the crisis in three waves 7 4.1 Net replacement ratios for social insurance programmes, 1947–2000 30 4.2 Divergence in retrenchment: unemployment benefits as income replacement ratios, 1947–2000 31 5.1 Interest rates, the price of oil, inflation and the housing market 36 5.2 The link between the housing market and British growth, 1990–2010 37 6.1 The problem of inflation management in Britain today 51 6.2 Britain’s step-level increase in the cost of borrowing 53 DOI: 10.1057/9781137360519 vii Acknowledgements This little book would quite simply not have been possible were it not for the tireless support and encouragement of my colleagues and friends in Sheffield Political Economy Research Institute (SPERI), most obviously Tony Payne and Sarah Boswell. Their ceaseless energy, inspiration and enthusiasm has made my role in co-directing SPERI a complete joy and it has created the space, both intellec- tual and institutional, in which my disparate thoughts on our crisis have crystallised into this little volume. No less significant, in what has been an at times difficult period in my life, has been the love, companionship and support of Ian and Ailsa, Florence and Lila. Their capacity to sus- tain me even through the dark hours means more to me than I could ever hope to communicate in words. It is to them, and to our journey together, that this little book is dedicated. vviiiiii DOI: 10.1057/9781137360519 1 Introduction Abstract: The introduction sets out the parameters of the argument, establishing the nature of Anglo-liberal capitalism and making the case for seeing our current crisis as a crisis of growth precipitated by the excesses of Anglo-liberalism. Hay, Colin. The Failure of Anglo-liberal Capitalism. Basingstoke: Palgrave Macmillan, 2013. doi: 10.1057/9781137360519. DOI: 10.1057/9781137360519
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