[Fudan/China] Special Lecture #20 (08/11/2018) > Special Lectures

Title

10 Years After The Global Financial Crisis

Speaker

Andrew Walter

Dates

08/11/2018

Venue

Room 826, Wenke Building

Number of

Direct Participants

(researchers and students from your institution)

16

Number of

Indirect Participants

(other audiences like media or residents in your region)

4

Outlines

(up to 5 points)

l  Extensive policy interventions over 2007-9 prevented another great depression & even more extensive wealth destruction, yet interventions were highly politically contested.

l  The politics of banking crises have been transformed by the wealth effect.

l  With growing, financialized middle class wealth voters have acquired “great expectations” (GE) concerning government wealth protection responsibilities.

l  For UK 2007-10, crisis onset, intense intra-party conflict, delayed interventions undermine New Labour’s perceived competency and highly costly & redistributive interventions, electoral loss 2010.

l  Bailouts nevertheless highly risky for elected governments. Many voters resist idea of individual responsibility for financial risk. Financialization raises cost & distributional contestation surrounding bailouts. Institutional constraints increase rather than decrease punishment.