The 2008 financial crisis rocked British capitalism to its foundations. More than a decade after the crash, the country is still dealing with its consequences. This book explores the extent to which British capitalism has been reconfigured in this tumultuous period. Advancing an in-depth analysis of the political economy of New Labour, the Coalition and the period after Brexit, the book argues that deep structural weaknesses have been re-embedded within British capitalism. The Coalition promised to eliminate the deficit in one parliament and to ‘rebalance’ the British economy. It did neither. Instead, real wages slumped, uneven development intensified and productivity stagnated. An era of volatile post-crisis politics - exemplified by Brexit, the May government and the rise of Corbyn - emerged in this context, threatening the foundations of the old order. This book is required reading for students and scholars interested in the fractious political economy of British capitalism after the crisis.
“Lavery’s book on the flawed political economy of Britain’s hybrid variant of capitalism after the 2008 financial crisis is a tour de force. It is theoretically sophisticated, historically informed, conjuncturally nuanced, empirically robust and provides a solid basis for analysing developments following the Brexit debacle, whatever these might be.”—Bob Jessop, Lancaster University, UK
“If you are not yet familiar with Scott Lavery’s work, you very soon will be, as it is becoming increasingly difficult to overlook. With a clear mastery of both the politics and the economics of Coalition attempts to reduce the size of the state, Lavery shows with compelling precision how far and how quickly post-crisis Britain travelled from New Labour’s previous ‘one nation’ approach to macroeconomic governance.”—Professor Matthew Watson, University of Warwick, UK
“British capitalism was changed but not reformed after the financial crisis, and its deep pathologies now find expression in political volatility and ideological polarisation. In a persuasive and rich analysis Scott Lavery shows how we got to this point and what the future might hold.”—Andrew Gamble, University of Sheffield, UK