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The Paradox of Vulnerability
John L. Campbell, John A. Hall
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Geisteswissenschaften, Kunst, Musik / Pädagogik
Beschreibung
Why are small and culturally homogeneous nation-states in the advanced capitalist world so prosperous? Examining how Denmark, Ireland, and Switzerland managed the 2008 financial crisis, The Paradox of Vulnerability shows that this is not an accident. John Campbell and John Hall argue that a prolonged sense of vulnerability within both the state and the nation encourages the development of institutions that enable decision makers to act together quickly in order to survive, especially during a crisis.
Blending insights from studies of comparative political economy and nationalism and drawing on both extensive interviews and secondary data, Campbell and Hall support their claim by focusing on the three states historically and, more important, in their different responses to the 2008 crisis. The authors also devote attention to the difficulties faced by Greece and Iceland. The implications of their argument are profound. First, they show that there is a positive side to nationalism: social solidarity can enhance national prosperity. Second, because globalization now requires all states to become more adaptable, there are lessons here for other states, large and small. Lastly, the formula for prosperity presented here is under threat: highly homogeneous societies face challenges in dealing with immigration, with some responding in ways that threaten their success.
The Paradox of Vulnerability demonstrates how the size and culture of a nation contribute in significant ways to its ability to handle political and economic pressures and challenges.
Kundenbewertungen
Interest rate, Financial services, Class conflict, Central bank, Bank run, Civil service, Financial crisis of 2007–08, Nationalization, Political party, Institution, Financial Regulator, Automatic stabilizer, Debt, Welfare state, Tax, Capital Injection, Asset management, Legislation, Patronage, Lehman Brothers, Financial institution, Crisis management, Economist, Princeton University Press, Corporatism, National identity, Clientelism, Financial crisis, Government debt, Monetary policy, Disaster, Employment, Economic growth, Haircut (finance), Too big to fail, Eurozone, Civil society, Liquidity crisis, Mortgage loan, Economic policy, Economics, Dartmouth College, Groupthink, Bureaucrat, Economy, Unemployment, Politics, Bank, Fiscal policy, Nation-building, Recession, Currency, Policy, Nation state, Decision-making, Proportional representation, Real estate bubble, Social Partnership, Competitiveness, Inflation, Copenhagen Business School, Calligraphy, Centre-right politics, Ideology, Neoliberalism, Credit Suisse, Regulation, Anders Fogh Rasmussen, McGill University, Political economy