In 2008, the world entered a new period of turmoil. Financial
markets collapsed, banks and other financial institutions went in
to crisis; credit dried up, consumption reduced and firms started
to cut back and reduce investment in the light of uncertainty.
Unemployment increased and welfare payments increased. States that
borrowed to save their banks and to maintain their spending found
the financial markets and the international institutions condemning
their profligacy and urging austerity policies. This book is
concerned with what happens when elites are challenged by such a
crisis; in our terms, elites are 'on trial' firstly for their role
in the past and shaping the context for the crisis, secondly in
terms of how they responded to the crisis and finally in terms of
what role they are playing in the aftermath. Can they reestablish
their legitimacy or will they fail this trial and find themselves
replaced by other groups with different objectives? This collection
draws together a variety of studies and approaches to these issues
from a group of international authors which helps us understand
'elites on trial' in the contemporary period.
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