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Contesting the future of public finance?

Contesting the future of public finance?

Hall, David (2011) Contesting the future of public finance? In: Bance, Philippe and Bernier, Luc, (eds.) Contemporary Crisis and Renewal of Public Action: Towards the Emergence of a New Form of Regulation? Économie sociale & Économie publique / Social Economy & Public Economy (3). Peter Lang Publishing Group, New York, Oxford, Bern, Frankfurt am Main, Bruxelles, Wien, pp. 109-130. ISBN 9789052017419

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Abstract

The article discusses the future of public spending and the explanations offered for observed patterns of public spending in relation to GDP. It identifies three key issues.

The first is that there are specific upward economic pressures on public spending, from the stimulus, healthcare, and infrastructure investment. Even if the stimulus packages can be unwound with no lasting increase in spending, the effect of the other two will be significant. Healthcare will be especially relevant in the north, but the south has major infrastructure needs in addition to climate change policies, for roads, electricity, water, the overwhelming majority of which will be done via public finance.

The second is that policies in relation to all of these areas are the subject of intense conflicts (with the possible exception, so far, of climate change policies). This is especially true in the field of healthcare, where we have noted conflicts between popular movements and governments, business interests and government, and, at least potentially, governments and international institutions such as the IMF. It shows the importance of recognising conflicts of major economic groupings as central to the dynamic on public spending, and the degree to which these interests are pursued regardless of evidence on the best option for healthcare or even economic efficiency. This includes the international institutions: the IMF (and the EU, and the OECD) is quite clear that it wants a fiscal result through major cuts in public spending, despite evidence that this is the worst choice for health and efficiency.

The third is that, whether in forecasting future trends or explaining past trends, the patterns are outcomes of multiple and multi-level conflicts whose results are not simply predictable.

Item Type: Book Section
Additional Information: [1] First published: 8 July 2011. [2] Published as: Hall, David (2011) Contesting the future of public finance? In: Contemporary Crisis and Renewal of Public Action: Towards the Emergence of a New Form of Regulation? Économie sociale & Économie publique / Social Economy & Public Economy (3). Peter Lang Publishing Group, New York, Oxford, Bern, Frankfurt am Main, Bruxelles, Wien, pp. 109-130. ISBN 9789052017419. [3] Published within the Second Part. Nationalizations in phase of crisis. [4] Edited by: The International Centre of Research and Information on the Public, Social and Cooperative Economy (CIRIEC) / Direction de collection: Le Centre International de Recherches et d'Information sur l'Économie Publique, Sociale et Coopérative (CIRIEC). Hosted at the Université de Liège, Belgium. [5] ISBN: 978-90-5201-741-9 (pbk); 978-3-0352-6195-0 (eBook).
Uncontrolled Keywords: public finance, healthcare, IMF, economic crisis
Subjects: H Social Sciences > HJ Public Finance
Faculty / Department / Research Group: Faculty of Business > Department of International Business & Economics
Faculty of Business > Public Services International Research Unit (PSIRU)
Related URLs:
Last Modified: 14 Oct 2016 09:10
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/4072

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