The Coming Crisis

Colin Hay, Tom Hunt, Colin Hay, Tom Hunt

• Publisher: Palgrave Macmillan
• Year: 2017
• Print ISBN: 9783319638133
• eBook ISBN: 9783319638140
• Topic: Politics & International Relations
• Subtopic: Finance
• Index: Politics & International Relations

This book provides a timely warning of the dangers still present and building in the global economic system, whose frailty was exposed by the global financial crisis, and the Eurozone crisis it spawned. The contributors to this volume draw on SPERI's work on the political economy of growth, stagnation, austerity and crisis, and placing each in the context of the wider environmental crisis.

Building a Sustainable Political Economy: SPERI Research & Policy

Series Editors

Colin Hay

SPERI, University of Sheffield, Sheffield, United Kingdom

Anthony Payne

SPERI, University of Sheffield, Sheffield, United Kingdom

The Sheffield Political Economy Research Institute (SPERI) is an innovation in higher education research and outreach. It brings together leading international researchers in the social sciences, policy makers, journalists and opinion formers to reassess and develop proposals in response to the political and economic issues posed by the current combination of financial crisis, shifting economic power and environmental threat. Building a Sustainable Political Economy: SPERI Research & Policy will serve as a key outlet for SPERI’s published work. Each title will summarise and disseminate to an academic and postgraduate student audience, as well as directly to policy-makers and journalists, key policy-oriented research findings designed to further the development of a more sustainable future for the national, regional and world economy following the global financial crisis. It takes a holistic and interdisciplinary view of political economy in which the local, national, regional and global interact at all times and in complex ways. The SPERI research agenda, and hence the focus of the series, seeks to explore the core economic and political questions that require us to develop a new sustainable model of political economy. The SPERI research agenda, and hence the focus of the series, seeks to explore the core economic and political questions that require us to develop a new sustainable model of political economy at all times and in complex ways.

More information about this series at http://​www.​springer.​com/​series/​14879

Editors

Colin Hay and Tom Hunt

The Coming Crisis

Editors

Colin Hay

SPERI, University of Sheffield, Sheffield, UK

Tom Hunt

SPERI, University of Sheffield, Sheffield, UK

Building a Sustainable Political Economy: SPERI Research & Policy

ISBN 978-3-319-63813-3e-ISBN 978-3-319-63814-0

https://doi.org/10.1007/978-3-319-63814-0

Library of Congress Control Number: 2017948268

© The Editor(s) (if applicable) and The Author(s) 2018

This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Cover illustration: Pattern adapted from an Indian cotton print produced in the 19th century

Printed on acid-free paper

This Palgrave Macmillan imprint is published by Springer Nature

The registered company is Springer International Publishing AG

The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Contents

Introduction:​ The Coming Crisis, the Gathering Storm 1

Colin Hay and Tom Hunt

We are Not in Kansas Anymore:​ Economic and Political Shocks 11

Helen Thompson

On ‘the Other Crisis’:​ Diagnosing the Socio-Ecological Crisis 17

Martin Craig

Stagflation and the Shackles of Market Discipline 25

Jeremy Green

Can Global Governance Prevent the Coming Crisis?​ 35

Anthony Payne

The Coming and Current Crisis of Indecent Work 43

Genevieve LeBaron

The Coming Crisis of Planetary Instability 53

Peter Dauvergne

The European Migrant Crisis and the Future of the European Project 61

Nicola Phillips

The Paradox of Monetary Credibility 69

Jacqueline Best

Enduring Imbalances in the Eurozone 77

Scott Lavery

Systemic Stabilisation and a New Social Contract 87

Andrew Baker and Richard Murphy

Secular Stagnation:​ The New Normal for the UK?​ 95

Jonathan Perraton

China Crisis?​ 103

Matthew Bishop

Conclusion:​ The Crisis Gets Political 113

Andrew Gamble

Index121

List of Figures

Secular Stagnation: The New Normal for the UK?

Fig. 1 UK Total Factor Productivity Growth from 195099

Fig. 2 Total investment, G7 economies100

Editors and Contributors

About the Editors

Colin Hay

is the Founding Co-Director of the Sheffield Political Economy Research Institute (...

Table of contents

• Cover
• Frontmatter
• Introduction: The Coming Crisis, the Gathering Storm
• We are Not in Kansas Anymore: Economic and Political Shocks
• On ‘the Other Crisis’: Diagnosing the Socio-Ecological Crisis
• Stagflation and the Shackles of Market Discipline
• Can Global Governance Prevent the Coming Crisis?
• The Coming and Current Crisis of Indecent Work
• The Coming Crisis of Planetary Instability
• The European Migrant Crisis and the Future of the European Project
• The Paradox of Monetary Credibility
• Enduring Imbalances in the Eurozone
• Systemic Stabilisation and a New Social Contract
• Secular Stagnation: The New Normal for the UK?
• China Crisis?
• Conclusion: The Crisis Gets Political
• Backmatter