A Private Sector Failure, a Public Sector Crisis – Reflections on the Great Recession. (1st July 2016)

• Record Type: Journal Article
• Authors: Hodges, Ron; Lapsley, Irvine
• Other Names: Hodges Ron guestEditor.; Lapsley Irvine guestEditor.
• Is Part Of: Financial accountability & management. Volume 32:Number 3(2016:Aug.)
• Page Start: 265
• Page End: 280
• Publication Date: 2016-07-01
• Subjects: banking failure -- public sector cutbacks -- failure -- hope and bricolage; Finance, Public -- Accounting -- Periodicals; Accounting -- Periodicals; Managerial accounting -- Periodicals; Public administration -- Periodicals; 658.159
• DOI: 10.1111/faam.12096
• Languages: English
• ISSNs: 0267-4424

Abstract

Abstract: The Great Recession from 2007/08 to date (2016) has challenged policymakers in significant ways. The initial challenge became a mission to rescue the banking sector, which had major implications for public services. The severe constraints on public finances after the rescue resulted in cutbacks in public services; an example of financial conservatism in action. Neoliberalism is the dominant mode of thinking by central governments, but its application has been questioned both on its rigour and on the evidence which is available to inform this policy. This paper examines the UK experiences of financial conservatism by mobilising ideas of failure, hope and bricolage.