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Record W2601402697 · doi:10.1177/0032329215617465

Governing by Panic

2016· article· en· W2601402697 on OpenAlex

Why this work is in the frame

A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.

fundA Canadian funder is recorded on the work.
no affNo Canadian affiliation: this work is invisible to an affiliation-only frame.
No Canadian affiliation. An affiliation-only frame, the usual design, would never have seen this work. It is one of the works that make the case for inverting the frame.

Bibliographic record

VenuePolitics & Society · 2016
Typearticle
Languageen
FieldEconomics, Econometrics and Finance
TopicGlobal Financial Regulation and Crises
Canadian institutionsnot available
FundersMcGill University
KeywordsAusterityDeflationEconomicsCredibilityPanicKeynesian economicsCurrencyFinancial crisisPolitical economyEuropean debt crisisSovereigntyFinancial marketEconomic policyMonetary economicsMonetary policyPoliticsPolitical scienceEuropean unionFinanceEuropean integration

Abstract

fetched live from OpenAlex

The Eurozone’s reaction to the crisis beginning in late 2008 involved not only efforts to mitigate the arbitrarily destructive effects of markets but also vigorous pursuit of policies aimed at austerity and deflation. To explain this paradoxical outcome, I build on Karl Polanyi’s account of a similar deadlock in the 1930s. Polanyi argued that a society-protecting response to malfunctioning markets was limited under the gold standard by the prospect of currency panic, which bankers used to push for austerity, deflationary policies, and labor’s political marginalization. I reconstruct Polanyi’s “governing by panic” theory to explain Eurozone policy during three key episodes of sovereign bond market panic in 2010–12. By threatening to allow financial panics to continue, the European Central Bank promoted policies and institutional changes aimed at austerity and deflation, limiting the protective response. Germany’s Ordoliberalism, and its weight in European affairs, contributed to the credibility of this threat.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.000
metaresearch head score (Gemma)0.000
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesInsufficient payload (model declined to judge)
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Not applicable · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.775
Threshold uncertainty score0.999

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0000.000
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0000.000
Scholarly communication0.0000.000
Open science0.0000.000
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0000.001

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.020
GPT teacher head0.211
Teacher spread0.191 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it