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Cutting Back Public Investment after 1980: Collateral Damage, Policy Legacies and Political Adjustment

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  • KEMAN, HANS

Abstract

Since the 1980s public investment expenditures have been cut back in many OECD democracies. One explanation is a priority for fiscal stringency in order to curb big government in the context of neo-liberal ideas, which is reinforced by EMU requirements in the 1990s. Another is the potential impact of left and right partisan politics on investment policies. The main finding here is that the overall decrease in public investment expenditure appears to be caused by collateral damage due to the downsizing of total government outlays. This is particularly the case where there is a policy legacy of the Left with high levels of total public spending on the welfare state prior to the 1980s. Where the Right in government has been dominant after 1980, this downward development in public investment is particularly noticeable.

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  • Keman, Hans, 2010. "Cutting Back Public Investment after 1980: Collateral Damage, Policy Legacies and Political Adjustment," Journal of Public Policy, Cambridge University Press, vol. 30(2), pages 163-182, August.
    • Handle: RePEc:cup:jnlpup:v:30:y:2010:i:02:p:163-182_00
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    Cited by:

    1. Nazim Belhocine & La-Bhus Fah Jirasavetakul, 2020. "Lessons from Two Public Sector Reforms in Italy," IMF Working Papers 2020/040, International Monetary Fund.
    2. repec:zbw:rwirep:0557 is not listed on IDEAS
    3. Philipp Jäger & Torsten Schmidt, 2015. "The Political Economy of Public Investment when Population is Aging – A Panel Cointegration Analysis," Ruhr Economic Papers 0557, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    4. Mattia Osvaldo Picarelli & Willem Vanlaer & Wim Marneffe, 2019. "Does Public Debt Produce a Crowding Out Effect for Public Investment in the EU?," Working Papers 36, European Stability Mechanism.
    5. Jäger, Philipp & Schmidt, Torsten, 2016. "The political economy of public investment when population is aging: A panel cointegration analysis," European Journal of Political Economy, Elsevier, vol. 43(C), pages 145-158.
    6. Streeck, Wolfgang & Mertens, Daniel, 2011. "Fiscal austerity and public investment: Is the possible the enemy of the necessary?," MPIfG Discussion Paper 11/12, Max Planck Institute for the Study of Societies.

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