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The politics of public debt: Neoliberalism, capitalist development, and the restructuring of the state


  • Streeck, Wolfgang


Rising public debt has been widespread in democratic-capitalist political economies since the 1970s, generally accompanied among other things by weak economic growth, rising unemployment, increasing inequality, growing tax resistance, and declining political participation. Following an initial period of fiscal consolidation in the 1990s, public debt took an unprecedented leap in response to the Great Recession. Renewed consolidation efforts, under the pressure of financial markets, point to a general decline in state expenditure, particularly discretionary and investment expenditure, and of extensive retrenchment and privatization of state functions.

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  • Streeck, Wolfgang, 2013. "The politics of public debt: Neoliberalism, capitalist development, and the restructuring of the state," MPIfG Discussion Paper 13/7, Max Planck Institute for the Study of Societies.
  • Handle: RePEc:zbw:mpifgd:137

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    References listed on IDEAS

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    Cited by:

    1. Sokol, Martin, 2017. "Financialisation, financial chains and uneven geographical development: Towards a research agenda," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 678-685.
    2. Karoline Augenstein & Alexandra Palzkill, 2015. "The Dilemma of Incumbents in Sustainability Transitions: A Narrative Approach," Administrative Sciences, MDPI, vol. 6(1), pages 1-23, December.
    3. John Goering & Christine M. E. Whitehead, 2017. "Fiscal Austerity and Rental Housing Policy in the United States and United Kingdom, 2010–2016," Housing Policy Debate, Taylor & Francis Journals, vol. 27(6), pages 875-896, November.
    4. Dunleavy, Patrick, 2018. "‘Build a wall’. ‘Tax a shed’. ‘Fix a debt limit’. The constructive and destructive potential of populist anti-statism and ‘naïve’ statism," LSE Research Online Documents on Economics 88132, London School of Economics and Political Science, LSE Library.

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