How do economic shocks influence domestic politics? We take advantage of a surprise revaluation of the Swiss franc in early 2015 to identify the Polish citizens with clear and direct economic exposure: those repaying mortgages denominated in Swiss francs. Using original survey data collected just prior to the 2015 Polish parliamentary elections and comparing current with past foreign exchange borrowers, we show that individuals directly exposed to the shock were much more likely to demand government support. Those with no exposure to the shock were less likely to express an opinion on the matter. Current borrowers' preferences for a generous resolution scheme translated into distinct voting behavior. Among former government voters, Swiss franc borrowers were more likely to desert the government and vote for the largest opposition party, the PiS, which had promised the most generous bailout plan. The evidence suggests that the PiS was able to use the franc shock to expand its electoral coalition beyond its core voters to include those directly affected by the franc shock, a subgroup otherwise unlikely to support the PiS. Simulation results indicate that, absent the franc shock, the PiS is unlikely to have won a parliamentary majority.

China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.

Europe is struggling. Its challenges include weak economic growth, demographic trends that undermine the sustainability of social and other programs, migration, Brexit, the unfinished euro architecture and much more. This volume of Research in Political Sociology seeks to adopt a 'longer' view to make sense of Europe's current 'malaise'.

A study of party competition in Europe since 2008 aids understanding of the recent, often dramatic, changes taking place in European politics.

With contributions from an international range of experts, this cutting-edge Research Agenda collates the most important and emerging research in the field to map out the new directions and promising paths ahead for the international political economy (IPE).

In this book, compelling case studies show how past crises have reshaped regulation, and how policy-makers can learn from crises in the future.