IDEAS home Printed from https://ideas.repec.org/a/oup/cjrecs/v16y2023i1p19-29..html
   My bibliography  Save this article

The manufactured crisis of COVID-Keynesianism in Britain, Germany and the USA

Author

Listed:
  • James D G Wood
  • Valentina Ausserladscheider
  • Matthew Sparkes

Abstract

Economic policymaking shifted away from neoliberal ideals towards ‘crisis’ Keynesianism during the COVID-19 pandemic. We use a comparative process tracing approach to examine how political and economic actors in Britain, Germany and the USA attempt to legitimise a potential return to neoliberalism to voters. We show that pro-neoliberal actors discursively construct a ‘crisis’ of COVID-Keynesianism by associating it with rising inflation and ‘unsustainable’ levels of government spending. Whilst emphasising key neoliberal policies of maintaining low inflation and fiscal conservativism to establish a return to ‘normal’ neoliberal policymaking. Therefore, we explain how the neoliberal policy paradigm reasserts itself when challenged.

Suggested Citation

  • James D G Wood & Valentina Ausserladscheider & Matthew Sparkes, 2023. "The manufactured crisis of COVID-Keynesianism in Britain, Germany and the USA," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(1), pages 19-29.
    • Handle: RePEc:oup:cjrecs:v:16:y:2023:i:1:p:19-29.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cjres/rsac030
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Peck, Jamie, 2012. "Constructions of Neoliberal Reason," OUP Catalogue, Oxford University Press, number 9780199662081.
    2. James D. G. Wood & Valentina Ausserladscheider, 2021. "Populism, Brexit, and the manufactured crisis of British neoliberalism," Review of International Political Economy, Taylor & Francis Journals, vol. 28(6), pages 1487-1508, October.
    3. Pepper D. Culpepper & Raphael Reinke, 2014. "Structural Power and Bank Bailouts in the United Kingdom and the United States," Politics & Society, , vol. 42(4), pages 427-454, December.
    4. Engelbert Stockhammer, 2016. "Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective," New Political Economy, Taylor & Francis Journals, vol. 21(4), pages 365-379, July.
    5. Tiago Moreira Ramalho, 2020. "The Troika in its own words: responding to the politicisation of the southern European crises," ULB Institutional Repository 2013/337630, ULB -- Universite Libre de Bruxelles.
    6. Judith Clifton & Daniel Diaz-Fuentes & Ana Lara Gómez, 2018. "The crisis as opportunity? On the role of the Troika in constructing the European consolidation state," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 11(3), pages 587-608.
    7. Colin Hay, 2016. "Good in a crisis: the ontological institutionalism of social constructivism," New Political Economy, Taylor & Francis Journals, vol. 21(6), pages 520-535, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Niamh Hardiman & Saliha Metinsoy, 2017. "How do ideas shape national preferences? The Financial Transaction Tax in Ireland," Open Access publications 10197/9205, Research Repository, University College Dublin.
    2. Canale, Rosaria Rita & De Simone, Elina & Spagnolo, Nicola, 2021. "Financial markets and fiscal discipline in the Eurozone," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 490-499.
    3. Leigh Johnson, 2013. "Index Insurance and the Articulation of Risk-Bearing Subjects," Environment and Planning A, , vol. 45(11), pages 2663-2681, November.
    4. Reto Bürgisser & Donato Di Carlo, 2023. "Blessing or Curse? The Rise of Tourism‐Led Growth in Europe's Southern Periphery," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 236-258, January.
    5. Andreas Bieler & Jamie Jordan & Adam David Morton, 2019. "EU Aggregate Demand As a Way out of Crisis? Engaging the Post‐Keynesian Critique," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 805-822, July.
    6. Karsten Kohler & Engelbert Stockhammer, 2022. "Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 29(4), pages 1314-1341, July.
    7. Marta Silva & João Carlos Lopes, 2020. "The structural adjustment of the Portuguese economy in the context of the economic reform of the Eurozone," Working Papers REM 2020/0143, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Jim Glassman, 2018. "Geopolitical economies of development and democratization in East Asia: Themes, concepts, and geographies," Environment and Planning A, , vol. 50(2), pages 407-415, March.
    9. Höpner, Martin, 2019. "The German undervaluation regime under Bretton Woods: How Germany became the nightmare of the world economy," MPIfG Discussion Paper 19/1, Max Planck Institute for the Study of Societies.
    10. Sikka, Prem, 2015. "The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms," Accounting forum, Elsevier, vol. 39(1), pages 1-18.
    11. Sparke, Matthew, 2017. "Austerity and the embodiment of neoliberalism as ill-health: Towards a theory of biological sub-citizenship," Social Science & Medicine, Elsevier, vol. 187(C), pages 287-295.
    12. Innset, Ola, 2023. "Dual Argument, Double Truth: On the continued importance of the state in neoliberal thought," SocArXiv kyvdm, Center for Open Science.
    13. Beatriz Bustos, 2015. "Moving on? Neoliberal continuities through crisis: the case of the Chilean salmon industry and the ISA virus," Environment and Planning C, , vol. 33(6), pages 1361-1375, December.
    14. Harald Bathelt & Sebastian Henn, 2014. "The Geographies of Knowledge Transfers over Distance: Toward a Typology," Environment and Planning A, , vol. 46(6), pages 1403-1424, June.
    15. Thiemann Matthias, 2016. "The Power of Inaction or Elite Failure? A Comment on Woll’ “The Power of Inaction”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 6(1), pages 31-45, March.
    16. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller, 2019. "Economic Polarisation in Europe: Causes and Options for Action," wiiw Research Reports 440, The Vienna Institute for International Economic Studies, wiiw.
    17. Fairfield Tasha, 2015. "Structural power in comparative political economy: perspectives from policy formulation in Latin America," Business and Politics, De Gruyter, vol. 17(3), pages 411-441, October.
    18. Vahabi, Mehrdad, 2020. "نئولیبرالیسم و مقابله با تورم [The Neoliberalism and the Inflation Control]," MPRA Paper 102539, University Library of Munich, Germany.
    19. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2020. "Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 43(2), pages 231-266, April.
    20. Lucy Baker, 2021. "Everyday experiences of digital financial inclusion in India's ‘micro-entrepreneur’ paratransit services," Environment and Planning A, , vol. 53(7), pages 1810-1827, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cjrecs:v:16:y:2023:i:1:p:19-29.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cjres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.