2017
DOI: 10.1080/13563467.2017.1321627
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The Legitimation of Post-crisis Capitalism in the United Kingdom: Real Wage Decline, Finance-led Growth and the State

Abstract: Since the 2008 financial crisis, capitalist development in the UK has been marked by both continuity and change. Whilst the Coalition government effectively re-established the UK's finance-led growth model it simultaneously broke with the legitimation strategy which New Labour had advanced in the pre-crisis conjuncture The Coalition advanced a distinctive two nations strategy which sought to secure a limited but durable base of support in a context of fiscal consolidation. This strategy was conditional upon th… Show more

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Cited by 23 publications
(13 citation statements)
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“…We argue that there is a need to explain not only changes in the levels of income inequality and job (and occupational) security, in general, but also differences between LMEs and other types of market economy and, indeed, between LMEs themselves. By focusing on overall growth and employment, the existing literature tends to downplay systemic outcomes that still leave many (or, indeed, most) worse off, in turn making for socio-political problems (Lavery, 2018). In other words, the recursive relationship between inequality experienced by individuals and societal changes is important (Halford and Strangleman, 2009; Strangleman, 2017; Watson, 2009), and, indeed, may eclipse broadly positive ‘headline’ figures around growth.…”
Section: Introductionmentioning
confidence: 99%
“…We argue that there is a need to explain not only changes in the levels of income inequality and job (and occupational) security, in general, but also differences between LMEs and other types of market economy and, indeed, between LMEs themselves. By focusing on overall growth and employment, the existing literature tends to downplay systemic outcomes that still leave many (or, indeed, most) worse off, in turn making for socio-political problems (Lavery, 2018). In other words, the recursive relationship between inequality experienced by individuals and societal changes is important (Halford and Strangleman, 2009; Strangleman, 2017; Watson, 2009), and, indeed, may eclipse broadly positive ‘headline’ figures around growth.…”
Section: Introductionmentioning
confidence: 99%
“…These developments challenge a teleological assumption of ever-increasing or stable integration within Europe contained within both frameworks (see Rosamond 2016: 865), wherein disintegration is either not considered or referred to fleetingly (Johnston and Regan 2018: 146). Yet, as early empirical accounts indicate, Brexit is reshaping Europe's competitive and regulatory dynamics, auguring financial market fragmentation (see Lavery et al 2018;2019;Quaglia and Howarth 2018). Drawing upon the nascent 'disintegration' Post-dirigisme and the state-industry-finance nexus Unlike VoC and GM's simple, bifurcating frameworks for understanding European capitalist restructuring, the concept of post-dirigisme foregrounds the possibility of 'alternative types of capitalism distinguished by the extent and character of state intervention in the economy' (Jackson and Deeg 2008: 699, see also Schmidt 2002Schmidt , 2003Schmidt , 2009, and demonstrates the need for variety within comparative capitalisms typologies which extends beyond two.…”
Section: Eu Integration and Its Implications For Capitalist Diversitymentioning
confidence: 99%
“…A full decade after the global financial crisis (GFC) began, despite a brief upturn in 2017, many economies in Europe are still experiencing slow economic growth. As a result of austerity measures and the European Union's (EU) push for structural reform, Europe's economies have undergone adjustment and reorganisation, ironically often entrenching features of the failed pre-crisis regimes (see Johnston and Regan 2018;Grant and Wilson (eds) 2012; Green et al (eds) 2015;Lavery 2018). In addition to these decade-long reforms, the UK's decision to leave the EU will likely disrupt established trade and regulatory regimes.…”
Section: Introductionmentioning
confidence: 99%
“…These figures illustrate the inability of the Spanish ruling elites to develop persuasive legitimation strategies—understood as “programmes attempting to mobilise a base of popular support by constructing themselves as in the general interest” (Lavrey, , p. 3)—around their state project. Instead, they crafted responses to the crisis without really searching for consensus among the citizens.…”
Section: Anti‐populism As a Political Logicmentioning
confidence: 99%