Politics in the New Hard Times

9780801451515: Hardback
Release Date: 2nd April 2013

9780801478277: Paperback
Release Date: 2nd April 2013

Dimensions: 156 x 235

Number of Pages: 320

Edition: 1st Edition

Series Cornell Studies in Political Economy

Cornell University Press

Politics in the New Hard Times

The Great Recession in Comparative Perspective

Although economic explanations for the Great Recession have proliferated, the political causes and consequences of the crisis have received less systematic attention. This is the first book to focus on it as a political rather than an economic crisis.
Hardback / £74.00
Paperback / £23.99

The Great Recession and its aftershocks, including the Eurozone banking and debt crisis, add up to the worst global economic crisis since the Great Depression of the 1930s. Although economic explanations for the Great Recession have proliferated, the political causes and consequences of the crisis have received less systematic attention. Politics in the New Hard Times is the first book to focus on the Great Recession as a political crisis, one with both political sources and political consequences.

The authors examine variation in crises over time and across countries, rather than treating these events as undifferentiated shocks. Chapters also explore how crisis has forced the redefinition and reinforcement of interests at the level of individual attitudes and in national political coalitions. Throughout, the authors stress that the Great Recession is only the latest in a long history of international economic crises with significant political effects—and that it is unlikely to be the last.

Contributors: Suzanne Berger, MIT; J. Lawrence Broz, University of California, San Diego; Peter Cowhey, University of California, San Diego; Peter A. Gourevitch, University of California, San Diego; Stephan Haggard, University of California, San Diego; Peter A. Hall, Harvard University; Miles Kahler, University of California, San Diego; Peter J. Katzenstein, Cornell University; Ikuo Kume, Waseda University; David A. Lake, University of California, San Diego; Megumi Naoi, University of California, San Diego; Stephen C. Nelson, Northwestern University; Pablo Pinto, Columbia University; James Shinn, Princeton University

Introduction: Anatomy of Crisis: The Great Recession and Political Change
by Miles Kahler and David A. Lake

Part I. Crises and Politics: Is This Time Different?

1. Economic Crisis and Global Governance: The Stability of a Globalized World
by Miles Kahler

2. Politics in Hard Times Revisited: The 2008–9 Financial Crisis in Emerging Markets
by Stephan Haggard

3. Partisan Financial Cycles
by J. Lawrence Broz

4. The Politics of Hard Times: Fiscal Policy and the Endogeneity of Economic Recessions
by Pablo M. Pinto

Part II. Interests, Coalitions, and Consequences

5. The Political Origins of Our Economic Discontents: Contemporary Adjustment Problems in Historical Perspective
by Peter A. Hall

6. Puzzles from the First Globalization
by Suzanne Berger

7. Portfolio Politics in the New Hard Times: Crises, Coalitions, and Shareholders in the United States and Germany
by James Shinn

8. Coalition of Losers: Why Agricultural Protectionism Survives during the Great Recession
by Megumi Naoi and Ikuo Kume

9. Crafting Trade Strategy in the Great Recession: The Obama Administration and the Changing Political Economy of the United States
by Peter Cowhey

10. Worlds in Collision: Uncertainty and Risk in Hard Times
by Peter J. Katzenstein and Stephen C. Nelson

Afterword: Yet More Hard Times? Reflections on the Great Recession in the Frame of Earlier Hard Times
by Peter A. Gourevitch

References
About the Contributors
Index

Miles Kahler is the Rohr Professor of Pacific International Relations at the University of California, San Diego. He is the author of several books, including Governance in a Global Economy: Political Authority in Transition, and editor of The Politics of International Debt, also from Cornell.

David A. Lake is the Gerri-Ann and Gary E. Jacobs Professor of Social Sciences and Distinguished Professor of Political Science at the University of California, San Diego.

"Kahler and Lake bring together a wide range of scholars in the areas of political science, international relations, and risk management to systematically analyze the political causes and consequences of the great recession from a different perspective. By disregarding an economic explanatory framework of the great recession in favor of a political genesis perspective of the crisis, the contributors offer sound analyses of past and contemporary endogenous events that contributed to the crisis, shaped choices by political actors, and produced varying consequences."—Choice (1 February 2014)

"Politics in the New Hard Times demonstrates—most remarkably in Peter Gourevitch's Afterword—that the Great Recession of the last few years cannot be understood without appreciating financial deregulation, the rise in the privileges of finance, and the political power that generated these malign results. To understand the politics of the Great Recession, read this book."—Robert O. Keohane, Woodrow Wilson School of Public and International Affairs, Princeton University

"Politics in the New Hard Times could not be more timely and renews a venerable tradition in political science, analysis of the interaction between economic crisis and political change. I could not think of a better way to honor the scholarship of Peter Gourevitch or to take this subject in several exciting new directions."—David Stasavage, New York University