Description
Book SynopsisThis book explores how austerity came to be the predominant fiscal policy response to the Great Recession in Europe, even for centre-left governments. It examines the political consequences of this response, combining qualitative and quantitative methods and drawing on a wide range of empirical evidence.
Trade ReviewBremer has written a profoundly important book on European economic policymaking. Combining deep case based research with analysis of media coverage and original survey data, he explains why mainstream political parties converged in supporting austerity policies during the 2010s. In a rich and deeply insightful book, he carefully connects the left's limited demand side policies to its earlier attempts to employ new supply side policies, and in so doing offers a novel theorization of the way ideas and electoral incentives come together to shape partisan economic policies. * Jane Gingrich, Professor of Social Policy, University of Oxford *
Why do social democrats embrace austerity policies, especially in moments when the conditions are ripe for their rejection? Bjorn Bremer answers this question by reference to a double dilemma that confounds social democrats. To win elections they must attract voters for whom pro-spending policies ring deficit alarm bells. But to do so they must embrace ideas and policies that undermine their ability to provide any alternatives to deficit reduction. Coping with his dilemma leads to a constant search for 'credibility' by the left that alienates their core constituencies and invites internal strife. Social Democrats constantly seek 'credibility' on the economy. That is, to reassure the more affluent votes that they need to win elections that they will not pump up the debt and the deficit. * Mark Blyth, The William R. Rhodes '57 Professor of International Economics, Brown University *
Table of Contents1: Introduction 2: Theoretical Framework 3: The Programmatic Response 4: Attitudes towards Austerity 5: Public Opinion Regarding Fiscal Consolidation in the Face of Trade-Offs 6: The Fiscal Policies of the British Labour Party in Times of Crisis 7: The Fiscal Policies of the German SPD in Times of Crisis 8: The Electoral Effects of Social Democratic Austerity Conclusion Appendices Bibliography
