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The ideational foundations of social democratic austerity in the context of the great recession
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Bremer, Björn and McDaniel, Sean (2020) The ideational foundations of social democratic austerity in the context of the great recession. Socio-Economic Review, 18 (2). pp. 439-463. doi:10.1093/ser/mwz001 ISSN 1475-1461.
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Official URL: http://dx.doi.org/10.1093/ser/mwz001
Abstract
The ‘austerity settlement’ has come to define the post-crisis European political economy. Since 2010, parties from across Europe’s political mainstream have implemented austerity and despite the apparent conflict with the interests of their traditional constituents, even social democratic parties have acquiesced to this settlement. However, within the existing literature ‘social democratic austerity’ is currently under-theorized as it is assumed to involve a rather straightforward adaptation of social democrats to neo- and/or ordoliberal ideas. Utilizing rich and original evidence from over 60 elite interviews with key social democratic stakeholders in France, Germany and the UK, this article contests this view. It demonstrates instead that a distinct set of ideas based on New Keynesianism, supply-side economics, and the social investment paradigm provide the ideational foundations for social democratic austerity post-crisis. Understanding this, it is argued, is critical in order to fully appreciate how and why austerity has become dominant in post-crisis Europe.
Item Type: | Journal Article | ||||||||||||
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Subjects: | H Social Sciences > HB Economic Theory J Political Science > JF Political institutions (General) |
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Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||||||||
Library of Congress Subject Headings (LCSH): | Financial crises -- Political aspects -- European Union countries, Politicians -- Interviews -- European Union countries | ||||||||||||
Journal or Publication Title: | Socio-Economic Review | ||||||||||||
Publisher: | Oxford University Press | ||||||||||||
ISSN: | 1475-1461 | ||||||||||||
Official Date: | April 2020 | ||||||||||||
Dates: |
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Volume: | 18 | ||||||||||||
Number: | 2 | ||||||||||||
Page Range: | pp. 439-463 | ||||||||||||
DOI: | 10.1093/ser/mwz001 | ||||||||||||
Status: | Peer Reviewed | ||||||||||||
Publication Status: | Published | ||||||||||||
Reuse Statement (publisher, data, author rights): | This is a pre-copyedited, author-produced version of an article accepted for publication in Socio-Economic Review following peer review. The version of record Björn Bremer, Sean McDaniel, The ideational foundations of social democratic austerity in the context of the great recession, Socio-Economic Review, , mwz001, https://doi.org/10.1093/ser/mwz001 is available online at: https://doi.org/10.1093/ser/mwz001 | ||||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||||
Date of first compliant deposit: | 29 March 2019 | ||||||||||||
Date of first compliant Open Access: | 14 February 2021 | ||||||||||||
RIOXX Funder/Project Grant: |
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