We are living in a time of crisis which has cascaded through
society. Financial crisis has led to an economic crisis of
recession and unemployment; an ensuing fiscal crisis over
government deficits and austerity has led to a political crisis
which threatens to become a democratic crisis. Borne unevenly, the
effects of the crisis are exacerbating class and gender
inequalities. Rival interpretations – a focus on ‘austerity’
and reduction in welfare spending versus a focus on ‘financial
crisis’ and democratic regulation of finance – are used to
justify radically diverse policies for the distribution of
resources and strategies for economic growth, and contested gender
relations lie at the heart of these debates. The future
consequences of the crisis depend upon whether there is a deepening
of democratic institutions, including in the European Union. Sylvia
Walby offers an alternative framework within which to theorize
crisis, drawing on complexity science and situating this within the
wider field of study of risk, disaster and catastrophe. In doing
so, she offers a critique and revision of the social science needed
to understand the crisis.
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