The Failure of Anglo-Liberal Capitalism
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The global financial crisis has generated an intense debate in academic, business, journalistic and political circles alike about what went wrong and how to put it right. In this provocative reassessment of the crisis and its implications, Colin Hay argues that it is only by acknowledging the complicity and culpability of an Anglo-liberal model of capitalism in the inflation and then bursting of the bubble that we can begin to see the full extent of what is broken and what now must be fixed. He argues that the crisis is best seen as a crisis of and indeed for growth and not as a crisis of debt. It is, moreover, a crisis of and for an excessively liberalised Anglo-American form of capitalism and the Anglo-liberal growth model to which it gave rise. This is a form of capitalism and a growth model that was inherently unstable and threatened the entire world economy - its excesses cannot be tolerated again.
Business & Economics / Economics
Business & Economics / Free Enterprise & Capitalism
Business & Economics / Economics / Microeconomics
About this Author
Colin Hay is Professor of Political Analysis at the University of Sheffield, UK, where he co-directs the Sheffield Political Economy Research Institute (SPERI) and, from November 2013, Professor of Government and Comparative Public Policy at Sciences Po, Paris, France. He is the author of many books including, most recently, The Political Economy of European Welfare Capitalism (2012 with Daniel Wincott) and The Legacy of Thatcherism (2014, with Stephen Farrall). He is editor or co-editorof the journals New Political Economy, Comparative European Politics and British Politics.
Reviews
'This book provides a clear analysis of Britain's long-standing economic problems that goes beyond the debates about the banking system, education standards, immigration, investment and government spending. It shows how any solution must integrate policies in all these areas, and generate a sustainable growth pattern that avoids environmental disasters.' - Peter Taylor-Gooby, University of Kent, UK
'Hay goes straight to the heart of the present crisis of the British economy and locates it in its proper historical context. He offers bold and trenchant analysis of both the specific origins of the British crisis in a particular growth model and what is now at stake in the present policy debate. His style is direct, highly relevant, and represents exactly the kind of engagement that British scholars should be making with our country's future.' - Helen Thompson, University of Cambridge, UK
'The British economy is still mired in the fall-out from the 2008 financial crash. In his new book Colin Hay provides a powerful and arresting argument that the crisis is not a crisis of debt but a crisis of growth, and that the causes are rooted in Britain's long addiction to a particular form of economic liberalism. Essential reading.' - Andrew Gamble, University of Cambridge, UK
'Hay goes straight to the heart of the present crisis of the British economy and locates it in its proper historical context. He offers bold and trenchant analysis of both the specific origins of the British crisis in a particular growth model and what is now at stake in the present policy debate. His style is direct, highly relevant, and represents exactly the kind of engagement that British scholars should be making with our country's future.' - Helen Thompson, University of Cambridge, UK
'The British economy is still mired in the fall-out from the 2008 financial crash. In his new book Colin Hay provides a powerful and arresting argument that the crisis is not a crisis of debt but a crisis of growth, and that the causes are rooted in Britain's long addiction to a particular form of economic liberalism. Essential reading.' - Andrew Gamble, University of Cambridge, UK
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