Terrence Casey - The Legacy of the Crash: How the Financial Crisis Changed America and Britain

The Legacy of the Crash

The Legacy of the Crash

How the Financial Crisis Changed
America and Britain

Edited by
Terrence Casey

Associate Professor of Political Science and Head of Department,
Department of Humanities and Social Sciences, Rose-Hulman
Institute of Technology

Editorial matter, selection, introduction and conclusion Terrence Casey 2011 All remaining chapters respective authors 2011

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First published 2011 by
PALGRAVE MACMILLAN

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ISBN-13: 978-0-230-30458-1 hardback

ISBN-13: 978-0-230-30459-8 paperback

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10 9 8 7 6 5 4 3 2 1

20 19 18 17 16 15 14 13 12 11

Printed and bound in Great Britain by

CPI Antony Rowe, Chippenham and Eastbourne

To my wife Allison and our greatest
legacies Maria, Jack, and Oliver

Contents

Terrence Casey

Wyn Grant

Terrence Casey

David Coates and Kara Dickstein

Edward Ashbee

Tim Bale and Robin Kolodny

Graham Wilson

Arthur I. Cyr

Nicol C. Rae and Juan S. Gil

Michael J. Brogan

Alex Waddan

John E. Owens and Mark Shephard

Richard J. Maiman

Terrence Casey

List of Tables and Figures

Tables

Figures

Preface and Acknowledgments

This volume was born of a conference organized by the British Politics Group of the American Political Science Association in September 2010 entitled The UK and US in 2010: Transition and Transformation. The worst financial crisis since the Great Depression slammed both the British and American economies full force in September 2008, obliterating the political and economic verities of the previous three decades. By 2010 the aftershocks still resonated. The moment was thus opportune for a collective assessment of how these events were transforming these polities whether this represented a critical juncture in which political and economic relationships and institutions would be remade. That both states were then governed by relatively new administrations rendered these questions even more intriguing. The result was a lively one-day conference with 14 panels and over 90 participants. Given the size of the event it was not possible to include everyone in the volume that follows. Many a worthy paper had to be left by the wayside, hopefully to be picked up by other venues. My thanks go out to all who made it such a wonderful event.

No one can pull off something like this without the support and assistance of numerous colleagues. First and foremost I would like to thank Susan Sell of George Washington University. I pursued my graduate studies at GW and Susan was one of my professors and mentors. In her current role as Director of the Institute for Global and International Studies in the Elliott School of International Affairs, she offered to host the event. Without her willing support neither the conference nor this volume would have come to fruition. Special thanks also to her assistant, Mike Salamon, who saw to our every need leading up to and during the day of the event. Thanks also to the faculty in the GWU Department of Political Science, from which I earned my doctorate, and the Elliott School of International Affairs, for whom I worked as both a teaching assistant and visiting instructor. I want to extend my personal gratitude to Harvey Feigenbaum who taught me how to be a great researcher and Henry Nau who taught me how to be a great teacher. To the extent that I do not live up to their standards, the fault is entirely my own.

This volume is not only a product of its contributors, but also of the larger British Politics Group. The BPG is full of many wonderful people who are also exceptional scholars, and my personal and professional life has been greatly enriched by being a member. I am particularly privileged that they have entrusted me with the role of Executive Director. Everyone in the BPG is thus deserving of thanks. I would like to single out Janet Laible, who served as the co-chair of the conference and beyond that has always been unselfish in giving her time to the group. Thanks are also warranted for Justin Fisher, our president at the time of the conference, who was not only a very able executive, but retains an uncanny ability to locate the best breakfast spot in any city on earth. Graham Wilson has proven a worthy successor, although he has yet to prove himself on the dining front. Thanks also go out to our APSA program chair, Florence Faucher-King; our newsletter editor, Tom Wolf; our webmaster (and emergency sommelier), Alistair Howard; and to all who serve or have served on the BPG executive

This is the second volume that I have edited for Palgrave Macmillan, an exceptionally supportive and professional organization. My special thanks to Amber Stone-Galilee, who marshaled the project from the conference through completion, and to Liz Blackmore for her tireless work in moving the book from manuscript through production and especially for not giving me too much grief that my contributions were the last ones submitted!

A nod of appreciation also to my colleagues in the Department of Humanities and Social Science at the Rose-Hulman Institute of Technology. Teaching politics at a small engineering school in western Indiana where I am the sole political scientist was not perhaps my dream job coming out of grad school. Yet I reside in a world of outstanding students and colleagues who are both incomparable teachers and first-rate scholars. I am lucky to be part of such a fine academic family. I am also doubly blessed at home. I could never have achieved as much as I have without the loving support of my wife Allison (who had the stamina and perseverance to get her nursing degree with three kids and a husband occupied by teaching and editing books) and our children Maria, Jack, and Oliver excellent legacies indeed! Thanks for everything.

Terrence Casey
Terre Haute, Indiana, USA

Notes on Contributors