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The Wealth Effect: How the Great Expectations of the Middle Class Have Changed the Politics of Banking Crises

The Wealth Effect: How the Great Expectations of the Middle Class Have Changed the Politics of Banking Crises

by Andrew Walter (Author), Andrew Walter (Author), Jeffrey M. Chwieroth (Author)

  • New

    Illustrated 2019

    $140.55
Synopsis

The politics of major banking crises has been transformed since the nineteenth century. Analysing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising wealth of the middle class has generated great expectations among voters that the government is responsible for the protection of this wealth. Crisis policy interventions have become more extensive and costly - and their political aftermaths far more fraught - because of democratic governance, not in spite of it. Using data from numerous democracies over two centuries, and detailed studies of Brazil, the United Kingdom and the United States, this book breaks new ground in exploring the consequences of the emerging mass political demand for financial stabilization. It shows why great expectations have induced rising financial fragility, more financial sector bailouts and rising political instability and discontent in contemporary democracies, providing new insight to anyone concerned with contemporary policy and politics.

$140.55

Quantity

20+ in stock

More Information

Format: Illustrated
 Pages: 596
 Edition: Illustrated
 Publisher: Cambridge University Press
Published: 21 Mar 2019
ISBN 10: 1107153743
ISBN 13: 9781107153745

Media Reviews
Advance praise: 'Special-interest politics figure importantly in all scholarly analyses of the causes and resolution of financial crises. Marshalling an amazing array of historical, statistical and narrative evidence, Chwieroth and Walter show that this point applies not just to the bankers who are commonly seen as the key players in these complex financial events, but also to the households whose deposits and saving are at risk. This observation has powerful implications for how financial crises play out in our modern era of mass democratic politics. The literature on financial crises will never be the same.' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
Author Bio
Jeffrey M. Chwieroth is Professor of International Political Economy in the Department of International Relations, and a Research Associate of the Systemic Risk Centre at the London School of Economics and Political Science. He is the author of Capital Ideas: The IMF and the Rise of Financial Liberalization (Princeton, 2010). He has published numerous articles on the political economy of international money and finance and on global governance. His research has been supported by grants from the Australian Research Council, the AXA Research Fund, the British Academy for the Humanities and Social Sciences, and the Economic and Social Research Council. Andrew Walter is Professor of International Relations in the School of Social and Political Sciences at the University of Melbourne. He has received research grants from the Australian Research Council and the Centre for International Governance Innovation in Canada. He has published numerous articles on the political economy of international money and finance and their governance among and within countries. His books include Governing Finance: East Asia's Adoption of International Standards (Cornell, 2008), Analyzing the Global Political Economy (Princeton, 2009), China, the United States, and Global Order (Cambridge, 2011, with Rosemary Foot), East Asian Capitalism (Oxford, 2012, ed. with Xiaoke Zhang), and Global Financial Governance Confronts the Rising Powers (CIGI, 2016, ed. with C.R. Henning).