By Duane Swank
This booklet argues that the dramatic post-1970 upward push in foreign capital mobility has no longer systematically contributed to the retrenchment of built welfare states as many declare. Nor has globalization at once diminished the revenue-raising capacities of governments and undercut the political associations that aid the welfare country. really, institutional gains of the polity and the welfare country ensure the level to which the industrial and political pressures linked to globalization produce Welfare kingdom retrenchment.
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Additional info for Global Capital, Political Institutions, and Policy Change in Developed Welfare States
Example text
As to general critiques, numerous questions about the actual extent of capital mobility and international financial integration have been raised. First, historical analyses of interest rate–based measures of market integration (Zevin, 1992) and net capital stock transfers across countries (Epstein and Gintis, 1992) illustrate that the level of international financial integration during the 1870–1914 “gold standard” era was probably greater than integration in the 1980s and 1990s (also see Thompson [1997]; Hirst and Thompson [1996]).
This hypothesis, derived from traditional and contemporary versions of the embedded liberalism thesis, expresses the alternative view about contemporary internationalization: economic dislocations and increased insecurity associated with globalization will, at minimum, reinforce commitments to social insurance and domestic compensation; at most, new demands and social upheaval will generate pressure for expanded domestic compensation. 32 Globalization, Democracy, and the Welfare State Contingencies and Conjunctures.
31 Global Capital and Policy Change in Welfare States A Summary of Principal and Supplementary Hypotheses The literature on the domestic social policy impacts of international capital mobility leads to three straightforward hypotheses. Conventional Wisdom: Net of other forces, rises in international capital mobility will be systematically associated with declines in public social welfare provision across the developed democracies. Run to the Bottom: Increases in capital mobility will generate significantly greater pressures to roll back social protection in larger welfare states.