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

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  • Streeck, Wolfgang

Abstract

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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    1. Thomas Herndon & Michael Ash & Robert Pollin, 2014. "Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff," Cambridge Journal of Economics, Oxford University Press, vol. 38(2), pages 257-279.
    2. Robert Boyer, 2012. "The four fallacies of contemporary austerity policies: the lost Keynesian legacy," Cambridge Journal of Economics, Oxford University Press, vol. 36(1), pages 283-312.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    4. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Working Papers wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Carmen M. Reinhart & M. Belen Sbrancia1, 2015. "The liquidation of government debt," Economic Policy, CEPR;CES;MSH, vol. 30(82), pages 291-333.
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    1. repec:taf:houspd:v:27:y:2017:i:6:p:875-896 is not listed on IDEAS
    2. 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.

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