The Political Consequences of the Crisis

摘要

Economic crises tend to have important political consequences. The Great Depression in the 1930s led to political realignments in many democracies (such as Sweden and the United States), and even to die breakdown of democracy in some European countries (such as Austria and Germany). More, recently, the deep economic downturns in the aftermaths of the first and second oil shocks in 1973 and 1979 marked the beginning bf a period of "permanent austerity" in economic and social affairs (Pierson, 2001).