Category archives for Debt

The Coming Crisis: we do not have much time

Professor Andrew Gamble

The political economy problems we face are complex and loom large; new solutions are needed and time is of the essence As the previous blogs in this series demonstrate, the political economy problems facing us are complex, intractable, and in many cases deepening. Recovery from the 2008 crash has been slow and uneven, and as Tony Payne points out, all … Continue reading

13 July 2016 by
Categories: Debt, Inequality, SPERI Comment, The coming crisis | Tags: , | 1 comment

Mortgage debt and wages: A comparison of Britain and Denmark

James Wood

Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth One of the primary motivations for homeownership in advanced economies is securing the home as a financial asset. Whilst this is widely recognised, the impact of mortgage debt on aggregate wages is not. This post looks at how taking on mortgage … Continue reading

14 June 2016 by
Categories: British growth crisis, Debt, Economics, SPERI Comment | Tags: , , , | Leave a comment

The making of the modern ‘Debt State’

What we know (and don’t know) about ownership of public debt In a previous contribution to SPERI Comment, I presented some of my research on the domestic ownership structure of the US federal debt. The findings showed that since the early 1980s, and especially since the onset of the global financial crisis, federal bonds have become heavily concentrated in the … Continue reading

10 March 2016 by
Categories: Austerity, Debt, Economics, Inequality, SPERI Comment, Tax, USA | Tags: , , , , , , | 2 comments

‘Old’ leftism, made new?

Stephanie Mudge

An important part of the ‘Millennial’ appeal of Jeremy Corbyn in the UK and Bernie Sanders in the US lies in the economic insecurity of younger generations In my last SPERI Comment, I highlighted some of the new realities of the neo-gilded age: huge economic and wealth inequality, long-term wage stagnation and the mounting problem of student loan debt.  I … Continue reading

8 December 2015 by
Categories: Debt, Economics, Inequality, Politics and policy, Social science, SPERI Comment, Tax | Tags: , , , , , | Leave a comment

Corbynomics: Part 1

Andrew Gamble

Although sharing many of the biases of the ‘alternative economic strategy’ developed on the left in Britain in the 1970s and 1980s, Corbyn’s economic programme is as yet no more than a pale reflection of the ideas of that era Corbynomics is high on aspiration, low on detail. The aspirations were set out in a short document produced by the … Continue reading

3 November 2015 by
Categories: Austerity, Debt, Economics, Employment, Politics and policy, SPERI Comment, Tax, Welfare | Tags: , , , , | Leave a comment

The economic legacies of Denis Healey and Geoffrey Howe

James Silverwood

Often thought to have initiated key changes in economic policy, both men maintained and defended the longest-standing economic policy orthodoxy in Britain A common assertion in studies of the British political economy is that periods of economic, financial and political crisis produce changes in policy. This is particularly evident, for example, in the importance conventionally assigned to the 1976 IMF … Continue reading

29 October 2015 by
Categories: Austerity, Debt, Economics, Politics and policy, SPERI Comment | Tags: , , , , , | Leave a comment

The political difficulties of ‘Corbynomics’

The problems are not really the economics at all, but much more the politics A month ago nobody had heard of ‘Corbynomics’.  Today Google records 174,000 search results.  It is becoming difficult to escape the term in any form of media.  If Jeremy Corbyn wins the Labour leadership election, its contents and claims will shape political debate in the UK … Continue reading

3 September 2015 by
Categories: British growth crisis, Debt, Economics, Employment, Political theory, SPERI Comment | Tags: , , , , , , , , , , , | 1 comment

Child poverty and the unravelling of New Labour’s ‘hybrid’ political economy

Scott Lavery

Cameron claims to lead a ‘One Nation’ government, but pursues a ‘two nations’ governing strategy One of the headline social policy goals of the Blair and Brown governments was to eradicate child poverty in Britain by 2020.  During New Labour’s thirteen years in power considerable progress was made in this regard: child poverty fell from 3.4 million in 1998 to … Continue reading

12 August 2015 by
Categories: British growth crisis, Debt, Politics and policy, SPERI Comment, Tax, Welfare | Tags: , , , , , , , , , | Leave a comment

Vorsprung durch Technik?  Germany and the Eurozone crisis

Simon Bulmer

Key aspects of Germany’s approach to the Eurozone crisis are structural, but they still have a ‘dark side’ So, Greece managed to make its loan repayments (€750m to the IMF) on 11 May 2015. However, the road ahead remains arduous, with almost daily speculation about GREXIT.  Relations with Germany were never going to be easy, given their governments’ diametrically opposed … Continue reading

27 May 2015 by
Categories: Debt, Economics, Europe and the EU, Finance, Politics and policy, SPERI Comment | Tags: , , , , | Leave a comment

The ugly economy of the beautiful game: part II

Craig Berry

Premier League owners typify the UK’s flawed economy In part 1 of this post, I proposed that the Premier League should hypothecate half of the extra revenue it will receive from the latest television broadcast deal, compared to the previous deal, to a Football Association-run fund to protect football at lower levels of participation (as well as suggesting more ambitiously … Continue reading

8 April 2015 by
Categories: Debt, Economics, Finance, SPERI Comment | Tags: , , , , , , , | 1 comment

‘Osbornomics’: forever blowing bubbles?

Matthew Bishop

How does the Chancellor succeed in telling such a positive story about his management of the British economy when it contradicts so much of the evidence? As the 2015 budget illustrated, George Osborne is undeniably one of the shrewdest politicians in Britain today.  He is not, in my view, a very good Chancellor, though, and overall his stewardship of the … Continue reading

31 March 2015 by
Categories: British growth crisis, Debt, Economics, Inequality, Politics and policy, SPERI Comment, Tax | Tags: , | Leave a comment

Discovering and discussing the hidden costs of recovery

Forthcoming seminars at SPERI will endeavour to rethink recovery in a radical way, taking gender and social reproduction fully into account Thanks to over £500 billion of government bailout funds to banks and business, the British economy appears to be ‘growing’ again.  National statistics indicate GDP was restored to £2.52 trillion in 2013, nearly back to pre-2007-8 financial crisis levels.  … Continue reading

10 February 2015 by
Categories: British growth crisis, Debt, Economics, Inequality, Political theory, Politics and policy, Social science, SPERI Comment, Welfare | Leave a comment

Merkel, Draghi and Tsipras

Simon Bulmer

These are the three key European leaders of the moment, but a Eurozone ménage à trois remains highly unlikely… Over the course of the Eurozone crisis the German government has been the most important influence on policy, raising the question of its potential hegemonic role.  Its prescriptions have followed an ordoliberal script.  Over the past couple of weeks Berlin’s policy … Continue reading

5 February 2015 by
Categories: Debt, Economics, Europe and the EU, Politics and policy, SPERI Comment | Tags: , , , , | Leave a comment

The UK’s everyday debt economy

Johnna Montgomerie and Liam Stanley

Continuing dependence on debt highlights the great ‘strategic silence’ at the heart of the contemporary political economy of the UK Household debt is the strategic silence in contemporary policy debates about the state of the UK economy.  We know that households across the income and socio-economic spectrum are dependent on debt: in 2014, households with average incomes, families with children … Continue reading

30 January 2015 by
Categories: British growth crisis, Debt, Economics, Inequality, Politics and policy, SPERI Comment | 1 comment

Greece’s crisis without end?

Nick Williams and Tim Vorley

The new Syriza government needs to focus as much on the regeneration of the competitiveness of the Greek economy as it does on immediate debt relief In one of the most closely watched European elections ever, the results are in from Greece.  Alexis Tsipras, leader of the left-wing anti-austerity Syriza party, has been sworn in as Prime Minister after forming … Continue reading

28 January 2015 by
Categories: Debt, Economics, Europe and the EU, SPERI Comment, Tax, Welfare | Tags: , , , , | Leave a comment

The new geopolitical economy of oil in the Americas

Matthew Bishop

The recent collapse in oil prices is a mixed blessing: from the vantage point of the Caribbean the implications are perplexing and disturbing When I moved to Trinidad in 2009, a country blessed with a flourishing hydrocarbon industry, I marvelled at the fact that it cost barely £10 to fill my car with petrol.  But global oil prices were hovering … Continue reading

27 January 2015 by
Categories: Debt, Economics, Environment, Finance, Global crisis, SPERI Comment, trade, USA | Tags: , , , , | Leave a comment

The rebalancing agenda, Boris Johnson and the politics of pension funds

Craig Berry

The Conservative agenda on pension investments is inherently shallow and increasingly moralistic in tone The UK coalition government has had its eye on pension fund investments for a while.  A reorientation of investment practice by pension funds is seen as essential to economic rebalancing; the explicit suggestion is that pension funds are too short-termist in nature and have not sufficiently … Continue reading

26 November 2014 by
Categories: British growth crisis, Craig Berry, Debt, Economics, Finance, Politics and policy, SPERI Comment, Tax, Welfare | Tags: , , , , | 1 comment

Global currency shifts and the City of London

Jeremy Green

The internationalisation of the renminbi reinforces some of the peculiarities of British development For the US dollar the global financial crisis of 2007-8 represented something of a paradox.  On the one hand, it revealed the vulnerability of the huge US debt market and deep instabilities within an American growth model beset by staggering imbalances.  These factors point towards a long-term … Continue reading

21 October 2014 by
Categories: China, Debt, Economics, Finance, SPERI Comment | Tags: | Leave a comment

Who owns the US federal debt?

Massive increases in inequality are transforming the politics of public debt During the current financial crisis, government debt levels across the advanced capitalist world have soared. In the United States, the portion of the federal debt ‘held by the public’ has more than doubled from 36 per cent of GDP in 2007 to 73 per cent in 2012. This explosive … Continue reading

23 January 2014 by
Categories: Debt, SPERI Comment, USA | Tags: , , | Leave a comment

The Caribbean’s silent debt crisis

Gail Hurley

New policies are needed to break the cycle of debt dependency Sun, sea, sand, rum-punch, even reggae, these are the images that usually spring to mind when we think of the Caribbean islands. Less well-known is the profound sovereign debt crisis that many are currently experiencing. Indeed, for some, it has been a persistent and unresolved problem for well over … Continue reading

28 October 2013 by
Categories: Debt, Global crisis, SPERI Comment | Tags: , , , , , , , , , , , , , , , , , , , | 3 comments