The wealth effect : how the great expectations of the middle class have changed the politics of banking crises / Jeffrey M. Chwieroth and Andrew Walter
Material type: TextPublication details: United Kingdom Cambridge University Press 2019Description: 572 pISBN:- 9781316607787
- 338.542 CHW-J
Item type | Current library | Collection | Shelving location | Call number | Status | Date due | Barcode | Item holds | |
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Books | BITS Pilani Hyderabad | 330 | General Stack (For lending) | 338.542 CHW-J (Browse shelf(Opens below)) | Available | 41267 |
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338.516 MAY-C Prosperity : | 338.521 MAZ-M Big Con : how the consulting industry weakens our businesses, infantilizes our governments and warps our economies / | 338.54 VIA-D JIT forecasting and master scheduling : not an oxymoron / | 338.542 CHW-J The wealth effect : | 338.542 KAU-V Easy money : | 338.542 KIN-C Manias, panics, and crashes : a history of financial crises / | 338.542 KRU-P Return of depression economics and the crisis of 2008 / |
The politics of major banking crises has been transformed since the nineteenth century. Analyzing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising wealth of the middle class has generated 'great expectations' among voters that the government is responsible for the protection of this wealth. Crisis policy interventions have become more extensive and costly - and their political aftermaths far more fraught - because of democratic governance, not in spite of it. Using data from numerous democracies over two centuries, and detailed studies of Brazil, the United Kingdom and the United States, this book breaks new ground in exploring the consequences of the emerging mass political demand for financial stabilization. It shows why great expectations have induced rising financial fragility, more financial sector bailouts and rising political instability and discontent in contemporary democracies, providing new insight to anyone concerned with contemporary policy and politics.
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