Chapter

Introduction

Graham K. Wilson and Wyn Grant

in The Consequences of the Global Financial Crisis

Published in print May 2012 | ISBN: 9780199641987
Published online September 2012 | e-ISBN: 9780191741586 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199641987.003.0001

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In its early stages, the Global Financial Crisis (GFC) seemed to offer the prospect for a major shift in policy paradigms. One of the central issues in political science is when and under what conditions does policy change, when a punctuation occurs in the equilibrium that usually characterizes most policy areas. Long periods of relative stability are followed by very significant changes. At the onset of the GFC, it seemed reasonable to suppose that there would be widespread reconsideration of neoliberalism and some of the initial responses suggested this might be the case. However, social democratic parties of the center-left have been unable to develop a convincing response to the crisis. That reconsideration may have occurred in academic circles particularly among those always critical of it. It is the enduring strength of neoliberalism that is now impressive. The possibility of a second phase of the crisis triggered by sovereign debt is a very real one, but there is no sign of new thinking to respond to it.

Keywords: Global Financial Crisis; paradigm shift; neoliberalism; social democracy; sovereign debt

Chapter.  6316 words. 

Subjects: Political Economy ; Financial Institutions and Services

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