Abstract
British economic decline was a staple of much post-1945 public discourse, until its supposed reversal by the “miracle” of the Thatcher years. In the aftermath of the great financial crisis of 2007, it has been revived with a vengeance as the weaknesses of its rentier economy have been mercilessly exposed. Meanwhile, the relative strengths of more coordinated “competitor” states are once again more apparent. Of the books under review here, two offer theoretically grounded and comprehensive empirical studies, while the other two bring together contributions from those seeking to restore a greater and more strategic economic activism to the British state. If anything, the former serves to underline the rather desperate predicament depicted by the latter, whose very publication is indicative of the cul-de-sac in which Britain now finds itself economically and politically.
Highlights
The aftermath of the great financial crisis (GFC) of 2007 brought a halt to the “retreat of the state” that is supposed to have accompanied its neoliberal restructuring
With the onset of the GFC, all governments rushed to bail out those private enterprises regarded as too important to fail, with banking and automobiles especially targeted
“workers move up in observables that are only imperfect correlates of unobservable productivity, which remains unchanged in reality” (Huo 2015, 119). This is consistent with the longobserved superiority of vocational education and industry-specific skills acquisition in coordinated market economies’ (CMEs)
Summary
The aftermath of the great financial crisis (GFC) of 2007 brought a halt to the “retreat of the state” that is supposed to have accompanied its neoliberal restructuring.
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