{"product_id":"the-bailout-state-why-governments-rescue-banks-not-people-paperback-softback-9781509564323","title":"The Bailout State; Why Governments Rescue Banks, Not People (Paperback \/ softback) 9781509564323","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eThe Bailout State\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eWhy Governments Rescue Banks, Not People\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eMartijn Konings (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781509564323, Polity Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 25 October 2024\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e272 pages\u003cbr\u003e21.6 x 13.7 x 2.3 cm, 0.34 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e“Konings has penned an essential telling of the decades of evolving economic ideology that enshrined vast rights and backstops for Wall Street while ordinary Americans were left to wither on the vine.  \u003ci\u003eThe Bailout State\u003c\/i\u003e lifts the veil on how the never-ending logic of bailouts and too-big-to-fail ate our entire political economy.”\u003cbr\u003e\u003cb\u003eKrystal Ball, \u003c\/b\u003e\u003cb\u003ehost of \u003ci\u003eBreaking Points\u003c\/i\u003e and author of \u003ci\u003eThe Populist’s Guide to 2020\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e“Martijn Konings is one of the best political economists of his generation. \u003ci\u003eThe Bailout State\u003c\/i\u003e is a thoroughly researched, historically grounded, and highly accessible examination of the relationship between capital and the US state, which takes the reader on a fascinating journey through decades of American imperialism. This book should be required reading on the left and beyond.”\u003cbr\u003e\u003cb\u003eGrace Blakeley, author of \u003ci\u003eVulture Capitalism: Corporate Crimes, Backdoor Bailouts and the Death of Freedom\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e“\u003ci\u003eThe Bailout State\u003c\/i\u003e is a brilliant exercise in unmasking. With subtlety and sophistication, Konings cuts through both technical tangles and political mystification to open a path towards making a monetary architecture that spreads rather than concentrates wealth. A must-read for those seeking to understand – and to act on – contemporary capitalism.”\u003cbr\u003e\u003cb\u003eChristine Desan, Harvard University\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e“In this brilliant, lucidly written book, Konings offers a new understanding of the past in order to ‘re-see’ the present -- and imagine a different future. \u003ci\u003eThe Bailout State\u003c\/i\u003e unpacks the deeply imbricated relation between the state and finance in the modern era and shows how Keynesianism was repurposed to pave the way from the welfare to the wealthfare state.”\u003cbr\u003e\u003cb\u003eKatharina Pistor, Columbia Law School\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e“Martijn Konings’s \u003ci\u003eThe Bailout State\u003c\/i\u003e offers a bracing and often infuriating account of how we ended up in a world where creditors are routinely offered state bailouts when their investments go south, but debtors and workers are routinely hung out to dry, especially when either inflation rises, or the economy takes a nosedive.”\u003cbr\u003e\u003cb\u003eNils Gilman, Chief Operating Officer and Executive Vice President at the Berggruen Institute and co-author of \u003ci\u003eChildren of a Modest Star\/\u003ci\u003e\u003cbr\u003e\u003cbr\u003e\u003c\/i\u003e\u003c\/i\u003e\u003c\/b\u003e“Martijn Konings delivers an ultimatum: if we do not confront how we are all both beneficiaries and captives of the bailout state then we are getting nowhere.”\u003cbr\u003e\u003cb\u003eQuinn Slobodian, Boston University\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e“This brilliant book offers a spellbinding journey through the archives, hopes, and unconsciousness of the contemporary bailout state. What emerges is a Minskyan appreciation of the deep roots of stabilizing an unstable financial system which reveals postwar Keynesianism as a direct precursor to our own impasse. \u003ci\u003eThe Bailout State\u003c\/i\u003e takes us to the very edge of this predicament and helps us see why we are stuck.”\u003cbr\u003e\u003cb\u003eStefan Eich, Georgetown University\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e\u003cb\u003e“\u003c\/b\u003eCEOs pretend their wealth and power comes from self-reliance and entrepreneurship. But whenever things go wrong – as they regularly do – they run to the nanny state for an expensive rescue. In this elegant and timely book, Martijn Konings proves that bank and corporate bailouts are the rule, not the exception, of financialized capitalism. The misuse of massive public resources to save capitalists from themselves is a deeply ingrained tradition. Progressives must understand the nature and workings of the bailout state, in order to imagine and win a different one – and this book will help enormously.”\u003cbr\u003e\u003cb\u003eJim Stanford, Economist and Director, Centre for Future Work, Vancouver\u003c\/b\u003e\u003c\/p\u003e “\u003ci\u003eThe Bailout State\u003c\/i\u003e is a timely intervention that adds important historical context to recent debates on the de-risking state. Where critiques of neoliberalism have proven ineffective, the book charts a new approach to make sense of our current condition through financial claims on property.”\u003cbr\u003e\u003cb\u003eNils Peters, London School of Economics\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“This book connects dots that desperately need connecting for those who want to understand the crisis of national economic policy and of democratic legitimacy in the world today. Its scathing description of how US government policy has, since the 1970s, tilted toward bailing out privileged sectors – especially politically protected banks and shadow banks – even while falling wages and the rising cost of living hollowed out its income distribution. While the bailout of too-big-to-fail banks in the 2008 crisis is well known, this volume shows how ‘bailout state’ policies have been prominent features of United States policy for the past 40 years.”\u003cbr\u003e\u003cb\u003eGary Dymski, University of Leeds\u003c\/b\u003e\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eHow did we end up in a world where social programs are routinely cut in the name of market discipline and fiscal austerity, yet large banks get bailed out whenever they get into trouble?\u003cbr\u003e\u003cbr\u003eIn \u003ci\u003eThe Bailout State\u003c\/i\u003e, Martijn Konings exposes the inner workings of this sprawling infrastructure of government guarantees. Backstopping financial markets and securing banks’ balance sheets, this contemporary Leviathan manages the inflationary pressures that its generosity produces by tightening the financial screws on the rest of the population.\u003cbr\u003e \u003cbr\u003eTo a large extent, the bailout state was built by progressives seeking to buttress the institutions of the early postwar period. The resulting tide of capital gains fostered an asset-centered politics that experienced its heyday in the nineties. But ever since the financial crisis of 2007-08, promises of inclusive economic growth have looked increasingly thin. A colossus locked in place, the bailout state disburses its benefits to a rapidly shrinking group of property owners.  Against the backdrop of a ferocious post-pandemic turn to anti-inflationary policy, the only remaining way to exit the logic of the bailout, Konings argues, is to challenge the monetary drivers at the heart of capitalist society.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003ci\u003ePreface\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e1 How Did We Get Here?               \u003cbr\u003e2 What Keynes Missed                 \u003cbr\u003e3 How Welfare Capitalism Worked  .   \u003cbr\u003e4 The Promise of Growth              \u003cbr\u003e5 The Inflation Decade               \u003cbr\u003e6 Building the Bailout State               \u003cbr\u003e7 Asset-Driven Growth                \u003cbr\u003e8 Bailouts and Austerity\u003cbr\u003e9 Locked in Place\u003cbr\u003e10 The Future of Bailouts\u003cbr\u003e   \u003cbr\u003e\u003ci\u003ePostface\u003c\/i\u003e                      \u003cbr\u003e\u003ci\u003eNotes\u003c\/i\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Economics [\u003ca title=\"See our other books on Economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics%20%5BKC%5D%22\"\u003eKC\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Polity","offers":[{"title":"Brand New","offer_id":52460667535640,"sku":"9781509564323","price":15.79,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781509564323.jpg?v=1785457447","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/the-bailout-state-why-governments-rescue-banks-not-people-paperback-softback-9781509564323","provider":"Freshly Printed Books","version":"1.0","type":"link"}