Social and Behavioral Sciences Commons^™

Geographies Of Quiescence? Social Movements, Panoramas Of Struggle And Baltic Austerity Politics, Jokubas Salyga

Political Science Faculty Publications and Presentations

The recent thirtieth anniversaries of restored Baltic territorial sovereignties coincide with a quandary in which the region appears “highly unequal but classless.” This article revisits the conduct of the 2008–2011 crisis management operations through the prisms of class struggle and social movements. It conceptualizes the imposition of austerity measures as a class-constituted social movement from above. I argue that the latter has to be positioned relationally against locally articulated forms of resistance from below that have so far remained insufficiently explored. Therefore, the practice of unearthing Baltic “militant particularisms” carries the potential of subverting the “absent protest thesis” in the …

Long-Run Effects Of Austerity, Guilherme Klein Martins

Economics Department Working Paper Series

This paper provides evidence that austerity shocks have long-run negative effects on GDP. Besides addressing the important gap in the growing fiscal research regarding the short time horizon of the estimations, this paper analyzes two other important assumptions made in the literature regarding the (i) symmetry of episodes of fiscal expansion and con- traction and (ii) uniformity of fiscal multipliers for different sizes of shocks. We use narrative fiscal shocks and propensity score reweighting in a local projections setup to account for the potential endogeneity of austerity policies and the non-linearity of its effects over time. The estimation is also …

Anti-Austerity Between Militant Materialism And Real Democracy: Exploring Pragmatic Prefigurativism, Olatz Ribera-Almandoz, Nikolai Huke, Mònica Clua-Losada, David J. Bailey

Political Science Faculty Publications and Presentations

The anti-austerity movement that emerged in the wake of the 2008 global economic crisis and 2010 Eurozone crisis, and which forms part of the ‘age of austerity’ that came after those crises, was underpinned by a set of ideas and practices that we refer to here as ‘pragmatic prefigurativism’. Whilst the anti-austerity movements typically rejected formal ideologies such as Marxism and anarchism, nevertheless pragmatic prefigurativism can be understood as a ‘left convergence’ of sorts. The paper explores the features of this pragmatic prefigurativism, comparing the anti-austerity movements in the UK and Spain. In particular, we note the role of unresponsive …

Public Education, The State, And The Crisis, Hakan Yilmaz

Publications and Research

This paper aims to construct a framework for understanding the causes and dynamics of the wave of teacher strikes that took place in 2018-19. To do this, the paper first analyzes the constraints under which the state managers function and describes the relationship between the state and public education. Second, it summarizes a theoretical framework for understanding the Great Recession and describes the influence of neoliberal policy orthodoxy on the reaction to the Great Recession. Third, it provides empirical evidence that displays how following the Great Recession, the constraints of the state actors and implementation of certain policies reduced spending …

Commoning Mobility: Towards A New Politics Of Mobility Transitions, Anna Nikolaeva, Peter Adey, Tim Cresswell, Jane Yeonjae Lee, Andre Nóvoa, Cristina Temenos

Research Collection School of Social Sciences

Scholars have argued that transitions to more sustainable and just mobilities require moving beyond technocentrism to rethink the very meaning of mobility in cities, communities, and societies. This paper demonstrates that such rethinking is inherently political. In particular, we focus on recent theorisations of commoning practices that have gained traction in geographic literatures. Drawing on our global comparative research of low‐carbon mobility transitions, we argue that critical mobilities scholars can rethink and expand the understanding of mobility through engagement with commons–enclosure thinking. We present a new concept, “commoning mobility,” a theorisation that both envisions and shapes practices that develop fairer …

Cold Comfort From Ireland: Marginal Independence & Austerity ., Brendan O'Rourke, John Hogan

Other

No abstract provided.

Aggregate Demand, Functional Finance And Secular Stagnation, Peter Skott

Economics Department Working Paper Series

This paper makes three main points. Fiscal policy, first, may be needed in the long run to maintain full employment and avoid secular stagnation. If fiscal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government consumption, and (iii) directly on the degree of inequality. The analysis, third, suggests that policies and policy debates have been misguided. The recent rediscovery of ’secular stagnation’ by Summers and others should be welcomed, but the suggested theoretical redirection is unclear and does not go far enough.

Public Debt, Secular Stagnation, And Functional Finance, Peter Skott

Economics Department Working Paper Series

Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ratio is the rate of economic growth. Low growth leads to high debt, and empirical correlations between growth and debt may reflect this causal effect of growth on debt, rather than negative effects of debt on growth. A second result relates directly to austerity policies. The level of government consumption and the structure of taxation influence the …

Fiscal And Monetary Policy Rules In An Unstable Economy, Soon Ryoo, Peter Skott

Economics Department Working Paper Series

This paper examines the implications of different monetary and fiscal policy rules in an economy characterized by Harrodian instability. We show that (i) a monetary rule along Taylor lines can be stabilizing for low debt ratios but becomes de-stabilizing if the debt ratio exceeds a certain threshold, (ii) a `Keynesian' fiscal policy rule can stabilize the economy at full employment, (iii) a fiscal `austerity' rule that links fiscal parameters to deviations from a target debt ratio fails to adjust the `warranted' to the `natural' growth rate and destabilizes the warranted path, (iv) instability may arise from a combination of fiscal …

Grassroots Austerity: Municipal Bankruptcy From Below In Vallejo, California, Mark Davidson, William Kutz

Geography

Austerity appears to be a globally coordinated restructuring process, where international and national governments cooperate to stymie economic crisis and socialize the costs of systemic economic failure. However, austerity is also shaped from the bottomup. This paper examines the 2008 bankruptcy of Vallejo, California. This city of under 120 000 people became the first municipal bankruptcy in the Great Recession period. We explore how it became the first to fail. In doing so, we outline the finances of a city whose entrepreneurial activities continued to flounder, making it a good candidate for austerity reforms. However, we also find the city …

Austerity In 21st. Century Dublin: Has Recession Altered Our Relationship With Food Purchasing And Preparation?, Diarmaid Murphy

Dissertations

The current global recession has affected almost all countries whose economies adhere to free-market principles and are involved in international money markets. Ireland, along with the majority of its European trading partners both inside and outside the eurozone has seen a sharp fall in the standard of living of its citizens in the years since the financial crisis emerged (2007 to present). In common with the almost universal international paradigm, Irish citizens have had drastic austerity measures imposed upon them. In Ireland’s case, the underwriting of private banking debt and its subsequent conversion to sovereign debt served to contract the …

Public Debt In An Olg Model With Imperfect Competition: Long-Run Effects Of Austerity Programs And Changes In The Growth Rate, Peter Skott, Soon Ryoo

Economics Department Working Paper Series

We show that (i) dynamic inefficiency may be empirically relevant in a modified Diamond model with imperfect competition, (ii) if fiscal policy is used to avoid inefficiency and maintain an optimal capital intensity, the required debt ratio will be inversely related to the growth rate, and (iii) austerity policies reductions in government consumption and entitlement programs for the old generation raise the required debt ratio.

From Financing Social Insurance To Insuring Financial Markets: The Socialisation Of Risk And The Privatisation Of Profit In An Age Of Irresponsibility, Simon Lee, Richard Woodward

Books/Book Chapters

Commentaries on the financial meltdown that began with Lehman Brothers’ collapse in September 2008 trace its origins to greedy bankers exploiting lax regulatory practices to take excessive risks through exotic and arcane financial instruments. While not wishing to demur from this analysis this chapter takes issue with the frequent failure to acknowledge that this has come about as a consequence of the (mis)application of state power over the past 50 years (see Helleiner 1994). Starting with the tacit support for the development of the Euromarkets in the 1960s and culminating with the responses to the turmoil of 2008-2010 the chapter …

How The "Unintended Consequences" Story Promotes Unjust Intent And Impact., Martha T. Mccluskey

Journal Articles

In the guise of critical analysis of the limits of law reform, the familiar phrase “unintended consequences” serves to rationalize rising inequality and to undermine democratic accountability. This paper examines how the phrase promotes a story of disentitlement, using the recent financial crisis as an example. By naturalizing inequality as power beyond law’s reach, this phrase’s message that benign law is likely to bring unequal consequences dovetails with a seemingly contradictory message that benign intent, rather than harmful impact, is what primarily counts for evaluating inequality.

As part of a LatCrit XV symposium taking a “bottom-up” view of the recent …

The Great Austerity War: What Caused The Deficit Crisis And Who Should Pay To Fix It?, James Crotty

Economics Department Working Paper Series

Rapidly rising deficits at both the federal and state and local government levels, along with long-term financing problems in the Social Security and Medicare programs, have triggered a one-sided austerity focused class war in the US. Similar class conflicts have broken out around the globe. A coalition of the richest and most economically powerful segments of society and conservative politicians who represent their interests has demanded that deficits be eliminated by public-sector austerity - severe cuts at all levels of government in spending that either supports the poor and the middle class or funds crucial public investment. These demands constitute …

The Boom Not The Slump: The Right Time For Austerity, Arjun Jayadev, Mike Konczal

Economics Faculty Publication Series

Should the United States cut its deficit in the short term? This has been the subject of intense debate among politicians, policy analysts and thinkers over the past year. What are the consequences of cutting the deficit with interest rates low, unemployment high and growth uncertain?

It's All Happening At The Zoo: Children's Environmental Learning After School, Jason A. Douglas, Cindi Katz

Publications and Research

Pairing dynamic out-of-school-time (OST) programs with zoos can encourage young people's relationships with and sense of responsibility for animals and the environment. The project presented in this article, Animal Rescuers, gave the authors the opportunity to examine how such a pairing can work. OST programs enable learning in settings that are generally unavailable during school time (Honig & McDonald, 2005). They provide space for collaboration among students, teachers, and others such as program visitors or outside educators. Taking advantage of the flexibility, location, and educational playfulness of an OST setting, the authors worked intensively with a small number of 10-12-year-old …