Abstract
The previous chapter examined the theory that the financial problems of Britain are caused primarily by a high level of public expenditure, particularly by excessive local spending. In contrast, the theory discussed in this chapter takes the opposite view: local spending is seen not so much as a cause, but as a symptom of the fiscal crisis of the state. According to this argument it is not the high level of public or local spending which creates problems for the economy as a whole, but rather it is the underlying structural faults in society, particularly the way in which the economy and the polity are organised, which inevitably result in the local fiscal crisis.
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