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2017 | OriginalPaper | Buchkapitel

The German, the Swiss and the US Fiscal Policy Reaction to the Financial Crisis: Comparing Education and Corporate Policies from an Adapted Varieties of Capitalism Perspective

verfasst von : Felix Hörisch, Jakob Weber

Erschienen in: Jahrbuch für Handlungs- und Entscheidungstheorie

Verlag: Springer Fachmedien Wiesbaden

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Abstract

This paper looks at education and corporate coordination-policy outcomes within the fiscal stimulus packages of Germany, the USA, and Switzerland during the financial crisis of 2008/2009. The paper investigates assumptions derived by the Varieties of Capitalism (VoC) school while remaining open to the potential influence of political actors carrying out and/or influencing the policy making process. We show that, while the size of the fiscal stimulus packages cannot be explained by VoC logic, the composition of the fiscal stimulus packages is largely in line with the theoretical expectations of an adapted VoC framework. The findings underline the point that certain shortcomings of VoC theory only become apparent when political processes are included in the empirical verifications of central claims, which supports the need for using an adapted version of the VoC framework that also accounts for power resources.

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Nächstes Kapitel Populism and the Welfare State: Why Some Latin American Countries Produce Cycles Instead of Stability
Fußnoten
1
Half of the OECD states implemented fiscal packages amounting to sums between 2 and 6% of GDP (OECD 2009a, p. 68) and most countries increased their debt for expansive economic-growth packages (Wagschal and Jäkel 2010). Only Greece, Iceland, Hungary, and Ireland reacted with austerity policies in this early phase of the financial crisis.
 
2
A common critique of VoC theory is that it puts forward functionalist assumptions ignoring among others “the possibility of institutional change” (Amable and Azizi 2011, p. 127). This does not apply to Hall and Thelen (2009).
 
3
In Sect. 4 we will show that there are not only hybrid cases such as Switzerland but also significant changes within ideal types themselves, as the partial dismantling of the ‘Deutschland AG’ (cf. Höpner and Krempel 2006) exemplifies.
 
4
The limited size of the Swiss fiscal reaction, compared to Germany and the USA (and many other OECD countries as well), might be explained by the preference of comparably robust automatic stabilizers over discretionary measures of financial stabilization due to positive experiences in the past (SECO 2012, p. 2), the Swiss brake on debt in place since 2001, and the considerable insecurity in the country over whether or not it would be hit by the crisis with the same severity as other countries (EFK 2012, p. 3).
 
5
Critics saw the denial of funds problematic since, in their eyes, it forced teachers to water down the curriculum to “scripted ‘skill and drill’ style […] boosting results on test scores” (Means and Kendall 2010, p. 52) and the schools to down-size arts, history, and music in poor neighborhoods while high-achieving schools could enlarge their offers in these fields (cf. Means and Kendall 2010, p. 52). Secondly, putting families into the position of educational customers free to choose their schools was criticized as a way of funnelling middle class money away from poorer schools by Means and Kendall (2010, p. 53).
 
6
Several private-sector actors were involved here, among others “foundations (particularly the Bill and Melinda Gates Foundation), think tanks (Center for American Progress), and private philanthropists (Marc Zuckerberg)” (McGuinn 2012, p. 142).
 
7
The measure was financed through contributions to the unemployment insurance and temporarily extended from 6 to 24 months (OECD 2009c, p. 8). Employers paid the wage supplement while employment agencies provided short-time allowances and reimbursements (Arpaia et al. 2010, p. 45–46).
 
8
The German name of the measure is ‘Weiterbildung Geringqualifizierter und beschäftigter älterer Arbeitnehmer in Unternehmen’.
 
9
This number also contains spending for CO2 reduction through construction measures and general infrastructure investment (cf. Müller 2013, p. 29).
 
10
As an important element of Switzerland’s automatic stabilizers, the extent of Kurzarbeitsentschädigung (short time work reimbursement) increased massively from 2008 to 2009 as a reaction to the crisis: In 2008, solely CHF 19 million had been spent, while in 2009 CHF 997 million were made available (cf. EVD 2012, p. 19).
 
11
However, solely CHF 2 million were used, so that one can hardly speak of a relevant impulse for the national pool of skills. It is most probable that the low usage of the policy was due to the general decline in a short duration work usage at the beginning of 2010 (EFK 2012, p. 44).
 
12
The acceptance here was also very moderate (usage of CHF 3.4 million, partly due to a positive development on the labor market, and partly due to the subsidy only covering 50% of the costs), a result that might also be the reason for the absence of comprehensive evaluations of the skill demands served.
 
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Metadaten
Titel
The German, the Swiss and the US Fiscal Policy Reaction to the Financial Crisis: Comparing Education and Corporate Policies from an Adapted Varieties of Capitalism Perspective
verfasst von
Felix Hörisch
Jakob Weber
Copyright-Jahr
2017
Buch
Jahrbuch für Handlungs- und Entscheidungstheorie

Print ISBN: 978-3-658-16713-4

Electronic ISBN: 978-3-658-16714-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-658-16714-1_1