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Headlong into the Polanyian dilemma : the impact of middle-class moral panic on the British government's response to the sub-prime crisis
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Watson, Matthew (2009) Headlong into the Polanyian dilemma : the impact of middle-class moral panic on the British government's response to the sub-prime crisis. In: Workshop on Political Econmy of the Sub-prime Crisis in Britain, University of Warwick, Coventry, September 18-19, 2008. Published in: British Journal of Politics and International Relations, Vol.11 (No.3). pp. 422-437. doi:10.1111/j.1467-856X.2009.00379.x ISSN 1369-1481.
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Official URL: http://dx.doi.org/10.1111/j.1467-856X.2009.00379.x
Abstract
This article focuses on the discursive construction in Britain of a middle-class moral panic occasioned by the distress caused to self-styled 'responsible mortgage borrowers' by falling house prices. In the context of the move towards asset-based welfare the sub-prime crisis manifested itself most obviously in the popular consciousness as a threat to housing market wealth. The Labour government used the political space opened up by the narrative of middle-class moral panic in order to protect banks' balance sheets from the consequences of their own failed investments in mortgage-backed securities. The ensuing arrangements immunised banks from the implications of market self-regulation in the first-phase response to the sub-prime crisis while simultaneously allowing them to continue to impose the experience of market self-regulation on their customers. An increasingly asymmetric approach to banking regulation has arisen analogous to that which Karl Polanyi associated with the contradictory co-existence of market and non-market forms.
Item Type: | Conference Item (Paper) | ||||
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Subjects: | J Political Science > JZ International relations J Political Science > JA Political science (General) |
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Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||
Journal or Publication Title: | British Journal of Politics and International Relations | ||||
Publisher: | Sage Publications Ltd | ||||
ISSN: | 1369-1481 | ||||
Official Date: | August 2009 | ||||
Dates: |
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Volume: | Vol.11 | ||||
Number: | No.3 | ||||
Number of Pages: | 16 | ||||
Page Range: | pp. 422-437 | ||||
DOI: | 10.1111/j.1467-856X.2009.00379.x | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access | ||||
Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||
Grant number: | RES-000-22-2198 | ||||
Conference Paper Type: | Paper | ||||
Title of Event: | Workshop on Political Econmy of the Sub-prime Crisis in Britain | ||||
Type of Event: | Conference | ||||
Location of Event: | University of Warwick, Coventry | ||||
Date(s) of Event: | September 18-19, 2008 |
Data sourced from Thomson Reuters' Web of Knowledge
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