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Licensed Unlicensed Requires Authentication Published by De Gruyter November 30, 2019

The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State

  • Wolfgang Streeck
From the journal German Economic Review

Abstract

Rising public debt has been widespread in democratic-capitalist political economies since the 1970s, generally accompanied among other things by weak economic growth, rising unemployment, increasing inequality, growing tax resistance, and declining political participation. Following an initial period of fiscal consolidation in the 1990s, public debt took an unprecedented leap in reponse to the Great Recession. Renewed consolidation efforts, under the pressure of ‘financial markets’, point to a general decline in state expenditure, particularly discretionary and investment expenditure, and of extensive retrenchment and privatization of state functions.

Published Online: 2019-11-30
Published in Print: 2014-02-01

© 2019 by Walter de Gruyter Berlin/Boston

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