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Varieties of capitalism, varieties of crisis response: bank bailouts in comparative perspective
[Arbeitspapier]
Körperschaftlicher Herausgeber
Freie Universität Berlin, FB Politik- und Sozialwissenschaften, Otto-Suhr-Institut für Politikwissenschaft Arbeitsstelle Internationale Politische Ökonomie
Abstract Given recent history it may be necessary to recall that the so-called Great Recession we have been
witnessing for more than five years now was, first and foremost, a crisis of financial markets. One reason
for rising debt levels at the outset of the crisis have been massive government expenditures... mehr
Given recent history it may be necessary to recall that the so-called Great Recession we have been
witnessing for more than five years now was, first and foremost, a crisis of financial markets. One reason
for rising debt levels at the outset of the crisis have been massive government expenditures to bail out
struggling and even failing banks. Yet, I argue that it falls short of a satisfactory explanation to simply view
political action as a rational response to “objective” political and economic problems.
Therefore, the fundamental question that underlays this study is: How did different institutional settings
influence diverging policy reactions to the financial crisis? To answer this question, this study compares
bank bailouts in France, Germany and the United Kingdom. Drawing upon the Varieties of Capitalism
literature, I identify four central, national institutions that have influenced political decision-making during
the financial crisis: the political system, traditions of market intervention, economic discourse and banking
and financial systems.
The French president, Nicolas Sarkozy, reverting to France's dirigiste tradition and resorting to a dense
elitist network, used bank bailouts to support the French financial industry and to create “national
champions”. This sort of policy was accompanied by a non-liberal discourse criticising “excessive”
financial markets. In Germany, on the other hand, the government deliberated with a broad coalition of
political and market actors to create a bailout programme aiming at sustaining bank lending to the
industry. However, market actors were criticised on a moral and ethical basis and the ordo-liberal state
was considered as a necessary corrective safeguarding true economic freedom. Finally, the UK's “elected
dictator”, Prime Minister Gordon Brown, used his political power and involved his close political allies to
carry out a bailout programme that was predominantly designed to defend the international
competitiveness of the British financial industry. Albeit market intervention was inevitable it was
announced as being temporarily and leaving as much problem solving as possible to the markets.... weniger
Thesaurusschlagwörter
vergleichende Politikwissenschaft; Finanzkrise; Rezession; Verschuldung; Finanzmarkt; Regulierung; Bank; Kreditwesen; Finanzpolitik; Geldpolitik; Krisenmanagement; politisches System; Finanzverfassung; Ordoliberalismus; Neoliberalismus; Wettbewerbsfähigkeit; Wirtschaftspolitik; Kapitalismus; Bundesrepublik Deutschland; Frankreich; Großbritannien
Klassifikation
Volkswirtschaftstheorie
Wirtschaftspolitik
Freie Schlagwörter
Varieties of Capitalism; Bankenrettung
Sprache Dokument
Englisch
Publikationsjahr
2014
Erscheinungsort
Berlin
Seitenangabe
59 S.
Schriftenreihe
PIPE - Papers on International Political Economy, 21/2014
ISSN
1869-8468
Status
Veröffentlichungsversion; begutachtet