They Have No Idea... Decision-making and Policy Change in the Global Financial Crisis

Erik Jones

No 4, Europe in Question Discussion Paper Series of the London School of Economics (LEQs) from London School of Economics / European Institute

Abstract: Crisis: . . . 3. A vitally important or decisive stage in the progress of anything; a turning point; also, a state of affairs in which a decisive change for better or worse is imminent; now applied esp. in times of difficulty, insecurity, and suspense in politics or commerce. Oxford English Dictionary (1971: 1178)Is the identification of a situation as one of crisis an objective, analytical, or even empirical claim or does it necessarily imply a subjective and hence normative judgement? Should we define crisis in terms of objective factors such as the ‘weight’ of contradictions within a given system or in more subjective terms such as the perception of the need for rapid and decisive intervention in the context of widely experienced political and economic contradiction? Colin Hay (2001: 203)

Date: 2009-05-04
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