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In a world of increasing austerity measures, democratic politics comes under pressure. With the need to consolidate budgets and to accommodate financial markets, the responsiveness of governments to voters declines. However, democracy depends on choice. Citizens must be able to influence the course of government through elections and if a change in government cannot translate into different policies, democracy is incapacitated.
Many mature democracies are approaching this situation as they confront fiscal crisis. For almost three decades, OECD countries have - in fits and starts - run deficits and accumulated debt. As a result, an ever smaller part of government revenue is available today for discretionary spending and social investment and whichever party comes into office will find its hands tied by past decisions. The current financial and fiscal crisis has exacerbated the long-term shrinking government discretion; projects for political change have lost credibility. Many citizens are aware of this situation: they turn away from party politics and stay at home on Election Day.
With contributions from leading scholars in the forefront of sociology, politics and economics, this timely book will be of great interest to students and scholars throughout the social sciences as well as general readers.
Armin Schäfer is a researcher at the Max Planck Institute for the Study of Societies in Cologne, Germany.
Wolfgang Streeck is Managing Director at the Max Planck Institute for the Study of Societies in Cologne, Germany.
Table of Contents
1. Introduction: Politics in the Age of Austerity
Armin Schäfer & Wolfgang Streeck
2. Public Finance and the Decline of State Capacity in Democratic Capitalism
Wolfgang Streeck & Daniel Mertens
3. Tax Competition and Fiscal Democracy
Philipp Genschel & Peter Schwarz
4. Governing as an Engineering Problem: The Political Economy of Swedish Success
5. Monetary Union, Fiscal Crisis, and the Disabling of Democratic Accountability
Fritz W. Scharpf
6. Smaghi vs. the Parties: Representative Government and Institutional Constraints
7. Liberalization, Inequality, and Democracy’s Discontent
8. Participatory Inequality in the Austerity State: A Supply-Side Approach
9. From Markets versus States to Corporations versus Civil Society?
10. The Normalization of the Right in Post-Security Europe
11. The Crisis in Context: Democratic Capitalism and Its Contradictions