By Terrence Casey (editor)
Whilst the worldwide economic climate crashed, governments in the USA and Britain perfomed the best bailout in historical past. The legacy is list executive debt, low progress and a brand new period of austerity. A stellar solid of participants, together with Tim Bale, Wyn supply and Graham Wilson supply a cosmopolitan account of ways the administrations are faring.
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Example text
Multinational companies often played one country off against another or even one state of a federal unit against another (as happened over the location of car plants in the US) in the search for investment funding. They became expert at bending the rules to qualify for some unlikely projects. EU state aids policy was one attempt to counteract this tendency, but it has never been fully effective. Given the above considerations, it is not surprising that it was difficult to demonstrate ‘additionality’, that is, that the additional funds would lead to investment that would not otherwise occur.
Mandelson, 2009). Mandelson freely admitted in his autobiography that this approach involved ‘a stronger role for government than I had envisaged in my 1998 Competitiveness White Paper’ (Mandelson, 2010, p. 457). , p. 456). This was ‘Not the old Labour practice of “picking winners”, which had ended up more often than not with the losers picking government. ). , 32 The Legacy of the Crash p. 457). Mandelson’s approach is very similar to what Gamble (2010a) describes as the ‘social investment model’ as distinct from the ‘Anglo Saxon’ (or Anglo-American) model entailing strategic investment in economic competitiveness, including human capital, the research base and infrastructure.
One response to the question what variety of capitalism is British capitalism is to state that ‘the most reasonable short answer would have to be that it is a very complex one’ (Coffey and Thornley, 2009, 22 The Legacy of the Crash pp. 152–3). This may be a correct assessment, but it is an inherently unsatisfactory one. Societies and economies are complex and are possibly becoming more so, but it is the task of social scientists to try and order that complexity so that we can better understand it.