A private sector failure, a public sector crisis: Reflections of the great recession

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Abstract

The Great Recession from 2007/08 to date (2016) has challenged policymakers in significant ways. The initial challenge became a mission to rescue the banking sector, which had major implications for public services. The severe constraints on public finances after the rescue resulted in cutbacks in public services; an example of financial conservatism in action. Neoliberalism is the dominant mode of thinking by central governments, but its application has been questioned both on its rigour and on the evidence which is available to inform this policy. This paper examines the UK experiences of financial conservatism by mobilising ideas of failure, hope and bricolage.
Original languageEnglish
Pages (from-to)265-280
JournalFinancial Accountability and Management
Volume32
Issue number3
Early online date1 Jul 2016
DOIs
Publication statusPublished - Aug 2016

Keywords

  • banking failure
  • hope and bricolage
  • failure
  • public sector cutbacks

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