The wealth effect : how the great expectations of the middle class have changed the politics of banking crises /
Jeffrey M. Chwieroth, Andrew Walter.
Bok Engelsk 2019 · Electronic books.
| Medvirkende | Walter, Andrew, (author.)
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| Omfang | 1 online resource (xxiv, 572 pages) : : digital, PDF file(s).
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| Utgave | 1st ed.
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| Opplysninger | Title from publisher's bibliographic system (viewed on 13 Mar 2019).. - Cover -- Half-title -- Title page -- Copyright information -- Contents -- Figures -- Tables -- Preface -- Abbreviations -- Part I Banking Crises and the Rise of Great Expectations -- 1 Introduction -- 1.1 The Rise of Great Expectations: From the Nineteenth Century to Today -- 1.2 The Consequences of Great Expectations -- 1.2.1 The New Bailout Constituency and its Policy Impact -- 1.2.2 A Rising Tendency for Political Punishment -- 1.3 The Organization of This Book -- 2 Great Expectations, Banking Crises and Democratic Politics -- 2.1 Crises, Policy Responses and Institutions in Democracies -- 2.1.1 The Financialization of Wealth -- 2.1.2 The Democratization of Leverage -- 2.1.3 The Growing Ex Ante Policy Commitment to Financial Stabilization -- 2.2 Electoral Accountability and Banking Crises -- 2.3 Conclusion -- 3 Household Wealth and Financialization in the United Kingdom, the United States and Brazil since the Nineteenth Century -- 3.1 Household Wealth and Financialization in the United Kingdom since the Nineteenth Century -- 3.2 Household Wealth and Financialization in the United States since the Nineteenth Century -- 3.3 Household Wealth and Financialization in Brazil since the Nineteenth Century -- 3.4 Conclusion -- 4 The Emergence of Great Expectations in the United Kingdom, the United States and Brazil -- 4.1 Utilizing Newspaper Opinion: Justification and Method -- 4.2 The Evolution of Editorial Opinion on Crisis Policy Responses -- 4.2.1 United Kingdom -- 4.2.2 The United States -- 4.2.3 Brazil -- 4.3 The Evolution of Editorial Opinion on Crisis Blame -- 4.3.1 United Kingdom -- 4.3.2 The United States -- 4.3.3 Brazil -- 4.4 Great Expectations Elsewhere and Everywhere? -- 4.5 Conclusion -- Part II Evolving Policy Responses to and Political Consequences of Banking Crises since the Nineteenth Century.. - 11.2 The Political and Institutional Environment of the Old Republic, 1889-1930 -- 11.3 The Encilhamento and its Aftermath -- 11.3.1 Policy Responses -- 11.3.2 Political Effects -- 11.4 Conclusion -- 12 Banking Crises in Brazil in an Era of Rising Expectations -- 12.1 The Evolving Political and Institutional Context of Banking in Brazil -- 12.2 The Banking Crises of the 1990s -- 12.3 Policy Responses in the 1990s Crises -- 12.4 Political Consequences of the 1990s Crises -- 12.5 Conclusion -- 13 Conclusion -- 13.1 More Market Discipline? -- 13.2 Tackling the Root Cause? Financialization and Democratic Politics -- 13.3 Implications for Democratic Politics -- Bibliography -- Index.. - 5 Changing Expectations and Policy Responses to Banking Crises -- 5.1 Government Policy Responses: Conceptualization and Measurement -- 5.2 Empirical Tests of the Argument -- 5.3 Conclusion -- 6 Banking Crises and Voters Over the Long Run -- 6.1 Data and Method -- 6.2 Results: Accountability Models -- 6.3 Supplemental Tests -- 6.4 Conclusion -- 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 -- 7.1 Which Crises? -- 7.2 The Changing Institutional-Political Environment -- 7.3 The 1825-6 Banking Crisis -- 7.3.1 The Politics of Policy Responses -- 7.3.2 Political Impact -- 7.4 The Barings Crisis of 1890 -- 7.4.1 The Politics of Policy Responses -- 7.4.2 Political Impact -- 7.5 Conclusion -- 8 A Banking Crisis in the United Kingdom in an Era of Great Expectations -- 8.1 A Growing Policy Commitment to Financial Stabilization -- 8.2 The Crisis of 2007-9 -- 8.2.1 Policy Responses -- 8.2.2 Political Effects -- 8.3 Conclusion -- 9 Banking Crises in the United States Before the Era of Great Expectations -- 9.1 Banking Crises and the Evolution of Banking Regulation in the United States -- 9.2 The 1907 Banking Crisis -- 9.2.1 Policy Responses -- 9.2.2 Political Consequences -- 9.3 The 1929-33 Crisis -- 9.3.1 Policy Responses -- 9.3.2 Political Consequences -- 9.4 Conclusion -- 10 The 2007-2009 Crisis and its Aftermath in the United States -- 10.1 The Origins of the 2007-9 Crisis -- 10.2 Policy Responses to the Crisis -- 10.2.1 Policy Responses under the Bush Administration -- 10.2.2 Policy Responses under the Obama Administration -- 10.3 Political Consequences of the Crisis -- 10.4 Conclusion -- 11 Banking Crises in Brazil in an Era of Low Expectations -- 11.1 Banking Crises in Brazil since 1890.. - The politics of major banking crises has been transformed since the nineteenth century. Analyzing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising wealth of the middle class has generated 'great expectations' among voters that the government is responsible for the protection of this wealth. Crisis policy interventions have become more extensive and costly - and their political aftermaths far more fraught - because of democratic governance, not in spite of it. Using data from numerous democracies over two centuries, and detailed studies of Brazil, the United Kingdom and the United States, this book breaks new ground in exploring the consequences of the emerging mass political demand for financial stabilization. It shows why great expectations have induced rising financial fragility, more financial sector bailouts and rising political instability and discontent in contemporary democracies, providing new insight to anyone concerned with contemporary policy and politics.
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| ISBN | 1-108-58038-6. - 1-316-64999-7
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