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The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State

Author

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  • Streeck Wolfgang

    (Max Planck Institute for the Study of Societies, Paulstraße 3, 50676Köln, Germany)

Abstract

Rising public debt has been widespread in democratic-capitalist political economies since the 1970s, generally accompanied among other things by weak economic growth, rising unemployment, increasing inequality, growing tax resistance, and declining political participation. Following an initial period of fiscal consolidation in the 1990s, public debt took an unprecedented leap in reponse to the Great Recession. Renewed consolidation efforts, under the pressure of ‘financial markets’, point to a general decline in state expenditure, particularly discretionary and investment expenditure, and of extensive retrenchment and privatization of state functions.

Suggested Citation

  • Streeck Wolfgang, 2014. "The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State," German Economic Review, De Gruyter, vol. 15(1), pages 143-165, February.
    • Handle: RePEc:bpj:germec:v:15:y:2014:i:1:p:143-165
    DOI: 10.1111/geer.12032
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    Cited by:

    1. Massoc, Elsa Clara, 2022. "Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)," LawFin Working Paper Series 30, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    2. Massoc, Elsa Clara, 2022. "Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)," SAFE Working Paper Series 338, Leibniz Institute for Financial Research SAFE.
    3. van der Heide, Arjen, 2024. "Dealing government bonds: Trading infrastructures and infrastructural power in European markets for public debt," MPIfG Discussion Paper 24/2, Max Planck Institute for the Study of Societies.
    4. Guter-Sandu, Andrei & Murau, Steffen, 2022. "The Eurozone’s evolving fiscal ecosystem: mitigating fiscal discipline by governing through off-balance-sheet fiscal agencies," LSE Research Online Documents on Economics 109790, London School of Economics and Political Science, LSE Library.

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