The Coming Crisis

This book provides a timely warning of the dangers still present and building in the global economic system, whose frailty was exposed by the global financial crisis, and the Eurozone crisis it spawned. The contributors to this volume draw on SPERI’s work

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THE COMING CRISIS Edited by

Colin Hay and Tom Hunt

Building a Sustainable Political Economy: SPERI Research & Policy Series editors Colin Hay SPERI University of Sheffield Sheffield, UK Anthony Payne SPERI University of Sheffield Sheffield, UK

The Sheffield Political Economy Research Institute (SPERI) is an innovation in higher education research and outreach. It brings ­ together leading international researchers in the social sciences, p ­olicy makers, ­ ­ journalists and opinion formers to reassess and develop proposals in response to the political and economic issues posed by the current ­ combination of financial crisis, shifting economic power and ­environmental threat. Building a Sustainable Political Economy: SPERI Research & Policy will serve as a key outlet for SPERI’s ­published work. Each title will ­summarise and disseminate to an academic and ­postgraduate ­student audience, as well as directly to policy-makers and journalists, key ­policy-oriented research findings designed to f­urther the development of a more sustainable future for the national, regional and world economy following the global financial crisis. It takes a h ­ olistic and interdisciplinary view of political economy in which the local, national, regional and global interact at all times and in complex ways. The SPERI research agenda, and hence the focus of the series, seeks to explore the core economic and political questions that require us to develop a new sustainable model of political economy. The SPERI research agenda, and hence the focus of the series, seeks to explore the core economic and political questions that require us to develop a new sustainable model of political economy at all times and in complex ways.

More information about this series at http://www.springer.com/series/14879

Colin Hay · Tom Hunt Editors

The Coming Crisis

Editors Colin Hay SPERI University of Sheffield Sheffield, UK

Tom Hunt SPERI University of Sheffield Sheffield, UK

Building a Sustainable Political Economy: SPERI Research & Policy ISBN 978-3-319-63813-3 ISBN 978-3-319-63814-0  (eBook) DOI 10.1007/978-3-319-63814-0 Library of Congress Control Number: 2017948268 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that th