Animal Spirits, Princeton by Akerlof and Shiller

By Akerlof and Shiller

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In many ways, there are no final answers to the questions we confront. In essence, these are the current contradictions of Scandinavian social democratic development. Adapting to them, resisting them and/or promoting them in varying ways is what the current debate among Scandinavian social democrats is all about. Nevertheless, we do believe that the rumours of the end of Scandinavian social democracy have been exaggerated. Globalization and Europeanization have put new pressures on Scandinavian social democracy to move away from traditional policy strategies and created new divisions within the social democratic polity.

Xxii). 3 Bad Timing: Recommodification, Credit Reform and Crises of Coordination in Norway and Sweden in the 1980s and 1990s 1 Bent So{Us Tran@y Introduction This chapter begins by arguing that credit and housing policy, as well as incomes policy and labour market performance, must be included when we describe social democratic economic policy. As credit and housing policies have suffered from relative neglect in the predominant literature, I have focused on them here. 2 The chapter's second argument is that we have to look at the state-internal, institutional dynamics involved in initiating and managing economic transformations.

We view political parties as constantly evolving compromises between different segments or factions of the party. These factions have different interpretations of external and internal party developments, struggle to imprint their position on to the party, engage in alliance-making activities, use their 'loyalty', 'voice' and occasionally 'exit' to influence electoral and policy strategies (Hirschman 1970). The types of factions that dominate, the kind of factional arrangements that are made and the ability of the factions to agree can vary drastically from party to party within and between given national systems.

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