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This volume identifies and compares 'fiscal squeezes' (major efforts to cut public spending and/or raise taxes) in the UK over a century from 1900 to 2015. The authors examine how different the politics of fiscal squeeze and austerity is today from what it was a century ago, how (if at all) fiscal squeezes reshaped the state and the provision of public services, and how political credit and blame played out after austerity episodes. The analysis is both quantitative and qualitative, starting with reported financial outcomes from historical statistics and then going behind those numbers to explore the political choices and processes in play. This analysis identifies some patterns that have not been explained or even recognized in earlier works on retrenchment and austerity. For example, it identifies a long term shift from what it terms a 'surgery without anaesthetics' approach (deep but short-lived episodes of spending restraint or tax increases) in the earlier part of the period towards a 'boiling frogs' approach (episodes in which the pain is spread out over a longer period) in more recent decades. It also identifies a curious reduction of revenue-led squeezes in more recent decades, and a puzzle over why blame-avoidance logic only led to outsourcing painful decisions over squeeze in a minority of cases. Furthermore, the volume's distinctive approach to classifying types of fiscal squeezes and qualitatively assessing their intensity seeks to solve the puzzle as to why voter'punishment' of governments that impose austerity policies seems to be so erratic.
This book carefully identifies and compares episodes of 'fiscal squeeze' in the UK over a century from 1900 to 2015.
This volume is intended to serve as a review of the “next generation” of political economy scholars in what can be called the “Wagnerian” tradition, which traces its roots to Buchanan and De Viti De Marco in the 1930s, who argued that any decision that results from a political entity must be the product of individual decision makers operating within some framework of formal and informal rules. To treat these decisions as if they were the product of one single mind, or even simply the additive result of several decisions, is to fundamentally misunderstand and mischaracterize the dynamics of collective action. Today, Richard Wagner is among the most prominent theorists in analyzing the institutional foundations of the economy and the organization of political decision-making. In this collection of original essays, former students schooled in this tradition offer emerging insights on public choice theory, public finance, and political economy, across a range of topics from voting behavior to entrepreneurship.
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
The UK is said to have been one of the most prolific reformers of its public administration. Successive reforms have been accompanied by claims that the changes would make the world a better place by transforming the way government worked. Despite much discussion and debate over government makeovers and reforms, however, there has been remarkably little systematic evaluation of what happened to cost and performance in UK government during the last thirty years. A Government that Worked Better and Cost Less? aims to address that gap, offering a unique evaluation of UK government modernization programmes from 1980 to the present day. The book provides a distinctive framework for evaluating long-term performance in government, bringing together the 'working better' and 'costing less' dimensions, and presents detailed primary evidence within that framework. This book explores the implications of their findings for widely held ideas about public management, the questions they present, and their policy implications for a period in which pressures to make government 'work better and cost less' are unlikely to go away.
PULITZER PRIZE FINALIST An epic, riveting history of New York City on the edge of disaster—and an anatomy of the austerity politics that continue to shape the world today When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country’s largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable. The city had to slash services, freeze wages, and fire thousands of workers, they insisted, or financial apocalypse would ensue. In this vivid account, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city. With unions and ordinary citizens refusing to accept retrenchment, the budget crunch became a struggle over the soul of New York, pitting fundamentally opposing visions of the city against each other. Drawing on never-before-used archival sources and interviews with key players in the crisis, Fear City shows how the brush with bankruptcy permanently transformed New York—and reshaped ideas about government across America. At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of austerity, Fear City is essential reading for anyone seeking to understand the resurgent fiscal conservatism of today.
"A co-publication with the Social Science Research Council."