Bibliographic record
Abstract
When the 2008 crisis hit, all four countries (Canada, Denmark, Ireland and Spain) were in relatively good shape fiscally. Within a few short years the public sector and its finances were not only implicated in, but also targeted as causing, a crisis of profligate spending. While the bulk of this book focuses on cutbacks, retrenchment and restructuring, in this chapter we expose the significant commitments to capital made in the name of austerity. Thus, the austerity era should not be confused with one where public sector spending is simply curtailed; instead state support for capital is often extended in new and familiar ways. In short, there is a lot of spending to account for in times of austerity. In this chapter we: 1) provide an economic background for, and brief overview of, fiscal adjustments and drivers of spending in an austere time – these being related most closely to a) domestic economic imbalances, b) financial and housing bubbles, and c) exposure to international economic downturn; and 2) summarize the massive bank bailouts and aid to the financial sector that each country offered capital in the wake of the 2008 crisis (often institutionalized through public sector agencies). We begin with national snapshots of each country’s fiscal–financial condition when the 2008 crisis first hit, weaving in, where appropriate, an historical overview. Next, we provide a thematic description of the nation-specific bailouts and banking sector guarantees (insulations): a) stimulus and guarantees (credit underwriting, insurance support and the like), b) bailouts (asset taking, nationalization), c) write-offs and taxpayer-borne risks, d) partnerships and privatization, and e) international pressures (from supranational institutions and investors).
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot 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.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
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.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".