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Projecting from a Fiction: The Case of Denmark and the Financial Crisis

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  • Martin B. Carstensen

Abstract

Institutional and ideational crises are characterised by fundamental uncertainty about the world, and at the same time require swift action on part of decision makers. How do political actors overcome uncertainty to enable collective action? The paper argues that actors use the ideas of the pre-crisis regime and through processes of bricolage seek to fit them to radically different circumstances. This enables action, but it also privileges the actors that benefited from these ideas before the crisis. This helps explain why so relatively few changes to financial regulation are appearing from the recent crisis. The argument is illustrated through the case of financial crisis in Denmark, demonstrating that the Danish authorities used ideas developed since the banking crisis of the 1980s concurring on the discourse that the best solution to the crisis would be a further 'consolidation' of the sector, that is, fewer small banks and stronger large banks. This shows both the strength and weakness of using old ideas for radically new problems: it enables actors to act in concert, but changes are incremental and the weaknesses of the previous regime may thus live on in the new regime.

Suggested Citation

  • Martin B. Carstensen, 2013. "Projecting from a Fiction: The Case of Denmark and the Financial Crisis," New Political Economy, Taylor & Francis Journals, vol. 18(4), pages 555-578, August.
  • Handle: RePEc:taf:cnpexx:v:18:y:2013:i:4:p:555-578
    DOI: 10.1080/13563467.2013.742881
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    References listed on IDEAS

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    1. Beckert, Jens, 2011. "Imagined futures. Fictionality in economic action," MPIfG Discussion Paper 11/8, Max Planck Institute for the Study of Societies.
    2. Gabriel, Yiannis, 2000. "Storytelling in Organizations: Facts, Fictions, and Fantasies," OUP Catalogue, Oxford University Press, number 9780198297062.
    3. Schmidt, Vivien A., 2002. "The Futures of European Capitalism," OUP Catalogue, Oxford University Press, number 9780199253685.
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    2. Jingjing Yan, 2021. "Evaluating the healthcare practice by defining healthcare principles: An autoregressive integrated moving average model based on time series," International Journal of Health Planning and Management, Wiley Blackwell, vol. 36(2), pages 561-578, March.
    3. repec:spo:wpmain:info:hdl:2441/5adcidkke9omt0s9p8s03ic8p is not listed on IDEAS
    4. Ferragina, Emanuele & Zola, Andrew, 2020. "An obituary for austerity narratives? An experimental analysis of public opinion shifts and class dynamics during the Covid-19 crisis," MaxPo Discussion Paper Series 20/5, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    5. Emiliano Grossman & Cornelia Woll, 2014. "Saving the Banks: The Political Economy of Bailouts," Post-Print hal-02186491, HAL.
    6. Emiliano Grossman & Cornelia Woll, 2014. "Saving the Banks: The Political Economy of Bailouts," SciencePo Working papers Main hal-02186491, HAL.

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