• Scott LaveryEmail author
Part of the Building a Sustainable Political Economy: SPERI Research & Policy book series (SPERIRP)


The crises of the 1930s and 1970s led to profound structural transformations in the world economy. It remains unclear whether the 2008 crisis will bring about a similar reconfiguration. Within Britain, it appeared that the Coalition government had contained the crisis by 2015. The Coalition effectively re-established Britain’s finance-led growth model and pursued an orthodox liberal policy of austerity. However, under the surface, important shifts were afoot. A new regime of ‘loose’ monetary policy had crystallised. New forms of post-crisis politics—exemplified by Brexit, May and Corbyn—sought to advance programmes of social and economic reform. Whether these dynamics will lead to a transformation or consolidation of Britain’s dysfunctional model of capitalism remains an open question.


  1. Berry, C., & Hay, C. (2016). The Great British “Rebalancing” Act: The Construction and Implementation of an Economic Imperative for Exceptional Times. The British Journal of Politics & International Relations, 18(1), 3–25.CrossRefGoogle Scholar
  2. Brubaker, R. (2017). Why Populism? Theory and Society, 46(5), 357–385.CrossRefGoogle Scholar
  3. Crouch, C. (2011). The Strange Non-death of Neoliberalism. Cambridge: Polity Press.Google Scholar
  4. Finlayson, A. (2008). Characterizing New Labour: The Case of the Child Trust Fund. Public Administration, 86(1), 95–110.CrossRefGoogle Scholar
  5. Gramsci, A. (1971). Prison Notebooks. London: Lawrence and Wishart.Google Scholar
  6. Green, J., & Lavery, S. (2015). The Regressive Recovery: Distribution, Inequality and State Power in Britain’s Post-crisis Political Economy. New Political Economy, 20(6), 894–923.CrossRefGoogle Scholar
  7. Green, J., & Lavery, S. (2018). After Neoliberalisation? Monetary Indiscipline, Crisis and the State. Transactions of the Institute of British Geographers, 43(1), 79–94.CrossRefGoogle Scholar
  8. Hay, C., & Hunt, T. (2017). The Coming Crisis. Basingstoke: Palgrave Macmillan.Google Scholar
  9. IFS. (2014). Living Standards, Poverty and Inequality in the UK: 2014. London: Institute for Fiscal Studies.Google Scholar
  10. Jessop, B. (1990). State Theory: Putting the Capitalist State in Its Place. Cambridge: Polity Press.Google Scholar
  11. Joyce, R., & Sibieta, L. (2013). An Assessment of Labour’s Record on Income Inequality and Poverty. Oxford Review of Economic Policy, 29(1), 178–202.CrossRefGoogle Scholar
  12. Konings, M. (2015). The Spirit of Austerity. Journal of Cultural Economy, 9(1), 86–100.CrossRefGoogle Scholar
  13. Lavery, S. (2018). The Legitimation of Post-crisis Capitalism in the United Kingdom: Real Wage Decline, Finance-Led Growth and the State. New Political Economy, 23(1), 27–45.CrossRefGoogle Scholar
  14. Montgomerie, J., & Büdenbender, M. (2014, October). Round the Houses: Homeownership and Failures of Asset-Based Welfare in the United Kingdom. New Political Economy, 1–20. Scholar
  15. Onaran, O. (2014). State Intervention for Wage-Led Development. London: Class Online.Google Scholar
  16. Peck, J. (2010). Constructions of Neoliberal Reason. Oxford: Oxford University Press.CrossRefGoogle Scholar
  17. Perraton, J. (2015). The UK Balance of Payments: In the “Red Signal” Zone? Sheffield Political Economy Research Institute (SPERI) Blog. Retrieved February 20, 2016, from
  18. Robinson, W. I. (2001). Social Theory and Globalization: The Rise of a Transnational State. Theory and Society, 30(2), 157–200.CrossRefGoogle Scholar
  19. SPERI. (2016). The Coming Crisis. Sheffield Political Economy Research Institute (SPERI) Blog. Retrieved from
  20. Stanley, L. (2014). “We”re Reaping What We Sowed’: Everyday Crisis Narratives and Acquiescence to the Age of Austerity. New Political Economy, 19(6), 895–917.CrossRefGoogle Scholar
  21. Stockhammer, E. (2013). Rising Inequality as a Cause of the Present Crisis. Cambridge Journal of Economics, 1–24. Scholar
  22. Streeck, W. (2014). Buying Time: The Delayed Crisis of Democratic Capitalism. London: Verso.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Sheffield Political Economy Research Institute (SPERI)University of SheffieldSheffieldUK

Personalised recommendations