This book considers the relationship between public spending and public deficit and the varying successes and difficulties governments have had in recent years to balance the two. As the fiscal crash of 2007/8 turned into the Great Recession and tax revenues tumbled, public finances across the UK, the USA and Europe plunged into deficit. Controversial attempts by governments to balance their budgets, commonly described as austerity by critics, had mixed success, politically and economically. Michael Burton outlines how politicians tackled the worst economic downturn in over half a century, drawing on previous examples of deficit-reduction to see how governments managed public finances in recessions and where austerity worked and where it failed. This two-part book, which for the first time provides an historical context to austerity, analyses firstly deficit-reduction in the UK in the 1970s, 1980s, 1990s and 2010-2016, and then looks at case studies in Europe, the USA, Canada and Asia Pacific. The author concludes that with the ageing population placing greater pressure through health and pensions on the public finances of the developed world, politicians and their electorates will have to learn to live long-term with austerity.

This compelling and convincing study represents the culmination of the authors' several decades of research on the pivotal role played by elites in the success or failure of political regimes. Revising the classical theory of elites and politics, John Higley and Michael Burton distinguish basic types of elites and associated political regimes. They canvas political change during the modern historical and contemporary periods to identify circumstances and ways in which the sine qua non of liberal democracy, a consensually united elite, has formed and persisted. The book considers an impressive body of cases, examining how consensually united elites have fostered forty-five liberal democracies and how disunited or ideologically united elites have thus far prevented liberal democracy in more than one hundred other countries. The authors argue that obstacles to the emergence of elites propitious for liberal democracy are more formidable than democratization enthusiasts recognize. They assess prospects for the transformation of disunited and ideologically united elites where they now exist, ask whether current challenges to Western liberal democracies will undermine their consensually united elites, and explore what the rise of the distinctive elite clustered around George W. Bush may portend for America's liberal democracy. The authors' powerful and important argument reframes our thinking about liberal democracy and questions optimistic assumptions about the prospects for its spread in the twenty-first century.

Perhaps the most extraordinary period in modern British history, the years between the Great Recession and Brexit have often been dubbed 'the lost decade' because of the economic and political turmoil caused by those two great events. Michael Burton outlines how the first led to the second, assisted by a rare confluence of other, often unrelated, social and political factors that delivered the shock Leave verdict in the EU referendum of 2016. These included the longstanding grievances of voters in former industrial areas feeling left behind by globalism, stagnant incomes after the recession, austerity, the rise of social media, the refugee and Eurozone crisis in Europe, the deep split in the Conservative and Labour parties over the EU and rising wealth inequalities. The author also charts the chaotic political landscape that ended in the final Brexit deal. This book is ideal for the general reader as well as for students of politics, history and economics needing a concise and well-explained account of this turbulent period in British history.

This book considers the relationship between public spending and public deficit and the varying successes and difficulties governments have had in recent years to balance the two. As the fiscal crash of 2007/8 turned into the Great Recession and tax revenues tumbled, public finances across the UK, the USA and Europe plunged into deficit. Controversial attempts by governments to balance their budgets, commonly described as austerity by critics, had mixed success, politically and economically. Michael Burton outlines how politicians tackled the worst economic downturn in over half a century, drawing on previous examples of deficit-reduction to see how governments managed public finances in recessions and where austerity worked and where it failed. This two-part book, which for the first time provides an historical context to austerity, analyses firstly deficit-reduction in the UK in the 1970s, 1980s, 1990s and 2010-2016, and then looks at case studies in Europe, the USA, Canada and Asia Pacific. The author concludes that with the ageing population placing greater pressure through health and pensions on the public finances of the developed world, politicians and their electorates will have to learn to live long-term with austerity.

This compelling and convincing study represents the culmination of the authors' several decades of research on the pivotal role played by elites in the success or failure of political regimes. Revising the classical theory of elites and politics, John Higley and Michael Burton distinguish basic types of elites and associated political regimes. They canvas political change during the modern historical and contemporary periods to identify circumstances and ways in which the sine qua non of liberal democracy, a consensually united elite, has formed and persisted. The book considers an impressive body of cases, examining how consensually united elites have fostered forty-five liberal democracies and how disunited or ideologically united elites have thus far prevented liberal democracy in more than one hundred other countries. The authors argue that obstacles to the emergence of elites propitious for liberal democracy are more formidable than democratization enthusiasts recognize. They assess prospects for the transformation of disunited and ideologically united elites where they now exist, ask whether current challenges to Western liberal democracies will undermine their consensually united elites, and explore what the rise of the distinctive elite clustered around George W. Bush may portend for America's liberal democracy. The authors' powerful and important argument reframes our thinking about liberal democracy and questions optimistic assumptions about the prospects for its spread in the twenty-first century.