The history and future of the tax state: Possibilities for a new fiscal politics beyond neoliberalism

Ben Spies-Butcher and Gareth Bryant

CRITICAL PERSPECTIVES ON ACCOUNTING, 2024, vol. 98, issue C

Abstract: Neoliberalism is marked by fiscal austerity. Yet, in response to the COVID-19 crisis states again, briefly, began to exercise fiscal discretion. We reflect on the potential for a more enduring shift in fiscal politics beyond neoliberalism by placing recent developments in the historical context of the ‘tax state’. We make two claims. First, we argue that different phases of capitalism are reflected in, and can be understood through, changes in fiscal accounting practices that demarcate public and private, and mark turning points for the role of the state within capitalism. Charting the unravelling of the Keynesian welfare state, we propose a fiscal understanding of neoliberalism in which asymmetric applications of capital accounting practices facilitated the financialisation of the state. Second, we argue democratic pressures are giving rise to forms of ‘fiscal hybridity’ that reassert accounting symmetries between public and private wealth to potentially create ‘fiscal space'. We examine how the fiscal actions taken by states in response to COVID-19 express hybridity, reflecting contestation over neoliberal policy models that was emerging prior to the pandemic, as fiscal politics shifts the state’s focus to its role as creditor, underwriter and investor.

Keywords: Tax state; Schumpeter; Welfare state; Neoliberalism; Financialization; Fiscal policy (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:crpeac:v:98:y:2024:i:c:s1045235423000473

DOI: 10.1016/j.cpa.2023.102596

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