Democracy Under Strain: The Political Effects of Financial Bailouts on Citizens and Parties

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Rubén Ruiz-Rufino (Reader in Comparative Politics, Reader in Comparative Politics, King's College London)

Democracy Under Strain

The Political Effects of Financial Bailouts on Citizens and Parties

Rubén Ruiz-Rufino (Reader in Comparative Politics, Reader in Comparative Politics, King's College London)

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English

Oxford University Press
24 April 2025

Comparative politics; Political structures: democracy; EU & European institutions; Political economy

How did the management of the 2009 financial crisis within the Economic Monetary Union impact the functioning of democracy? What are the political consequences of supranational responsibility trumping national preferences? This book answers these questions by examining the political consequences derived from the management of the Eurozone sovereign debt crisis and, in particular, how the decision to implement financial bailouts affected citizens and political parties.

This book introduces the concept of 'democracy under strain'. This describes how countries integrated into a union such as the EMU lose control over their policy agenda in the presence of asymmetric economic shocks, which orients member states into two different groups: those facing deteriorating domestic economies and those concerned with financial contagion and the overall stability of the union. Employing various quantitative methods, Rubén Ruiz-Rufino shows how the implementation of financial bailouts in the wake of the 2009 financial crisis triggered significant attitudinal changes among the citizens of member states in both of these two groups. This translated into increasing levels of political dissatisfaction and ultimately contributed to the electoral decline of establishment parties.

Democracy Under Strain demonstrates that when an economic shock hits a supranational institutional setting characterized by high levels of economic and political interdependence, attitudinal and political change cannot be explained simply by exposure to adverse economic conditions but, rather, by the consequences of supranational political decisions implemented in order to restore economic balance.

By: Rubén Ruiz-Rufino (Reader in Comparative Politics Reader in Comparative Politics King's College London)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 18mm, Width: 156mm, Spine: 234mm
Weight: 572g
ISBN: 9780198949299
ISBN 10: 0198949294
Pages: 292
Publication Date: 24 April 2025
Audience: Professional and scholarly , College/higher education , Undergraduate , Further / Higher Education
Format: Hardback
Publisher's Status: Active

Rubén Ruiz-Rufino is a Reader in Comparative Politics in the Department of Political Economy at King's College London. His works focuses on how different political and economic shocks affect political representation. Ruiz-Rufino has published work on the functioning of electoral systems, ethnicity and political stability, electoral fraud and violence, and the political effects of international electoral observation missions. More recently, his work has focused on how different forms of economic stresses observed in industrialized democracies condition political attitudes and electoral change. In 2019, he was the recipient of the Lawerence Longley Award. His articles have appeared in journals such as Journal of Peace Research, European Journal of Political Research, West European Politics, Electoral Studies, and Party Politics.