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Social Policy in Challenging TimesEconomic Crisis and Welfare Systems$
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Kevin Farnsworth and Zoe Irving

Print publication date: 2011

Print ISBN-13: 9781847428288

Published to University Press Scholarship Online: May 2012

DOI: 10.1332/policypress/9781847428288.001.0001

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date: 19 August 2017

From financial crisis to fiscal crisis

From financial crisis to fiscal crisis

Chapter:
(p.49) Three From financial crisis to fiscal crisis
Source:
Social Policy in Challenging Times
Author(s):

Ian Gough

Publisher:
Policy Press
DOI:10.1332/policypress/9781847428288.003.0003

This chapter explores the transformation of the 2008 financial crisis into a fiscal crisis and a welfare crisis. It provides an endogenous theoretical explanation of the crisis in terms of the collapse of neo-liberal inequality and debt-fuelled growth. The chapter then analyses the progress of this crisis in the UK — a major global player due to the City of London — in two stages: the impacts of financial bailouts, Keynesian measures and sharp recession on public finances; and the subsequent reactions as governments switched to fiscal tightening and welfare cuts. It concludes by sketching out an alternative framework for a sustainable and just economic and welfare system.

Keywords:   financial crisis, financialised capitalism, City of London, fiscal crisis, political economy, system contradiction, welfare cuts

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