From ‘Tiger’ to ‘PIIGS’: Ireland and the use of heuristics in comparative political economy

This article analyses the consequences of the narrative construction of the group of countries that has been grouped as ‘PIIGS’ (Portugal, Ireland, Italy, Greece and Spain) for their sovereign debt risk rating. Acronyms for groups of countries can provide a useful shorthand to capture emergent similarities in economic profile and prospects. But they can also lead to misleading narratives, since the grounds for use of these terms as heuristic devices are usually not well elaborated. This article examines the process whereby the ‘PIIGS’ group came into being, traces how Ireland became a member of this grouping, and assesses the merits of classifying these countries together. The contention is that the repetition of the acronym in public debate did indeed shape the behaviour of market actors toward these countries. It is argued that this involved a co‐constituting process: similarities in market treatment drives PIIGS usage, which in turn promotes further similarities in market treatment. Evidence is found of Granger causality, such that increased media usage of the term ‘PIIGS’ is followed by increased changes in Irish bond yields. This demonstrates the constitutive role of perceptions and discourse in interpreting the significance of economic fundamentals. The use of acronyms as heuristics has potentially far‐reaching consequences in the financial markets.     

Bagehot Smiling: Gordon Brown's ‘New Constitution’ and the Revolution that Did Not Happen

The MPs expenses scandal that erupted in May 2009 has certainly rekindled interest in the next stage of constitutional reform and democratic renewal in Britain. This article examines how Gordon Brown's tenure as Prime Minister has differed from Tony Blair's in relation to the ‘new politics’ narrative. It argues that despite his long‐term personal commitment to major constitutional reforms, the role of crises in recalibrating the political opportunity structure and the manner in which electoral incentives can alter elite attitudes to institutional change that Brown's tenure can be characterised by optimism followed by timidity. Gordon Brown may have flown a few kites in relation to a written constitution, electoral reform, English devolution and the future of the House of Lords but he has left things far too late for a ‘constitutional moment’. Brown may have the political inclination but he lacks the capacity to deliver far‐reaching reform; Cameron is likely to have the capacity but not the inclination.     

From ‘There is No Alternative’ to ‘Maybe There are Alternatives’: five Challenges to Economic Orthodoxy after the Crash

Prior to the 2008 financial crisis, politicians famously told the public and themselves that ‘there is no alternative’ to a neoliberal economic paradigm. Fast‐forward to 2019 and there is, instead, the sense that ‘maybe there are alternatives’. However, when many observers and commentators look back to the 2008 crisis, they see a general continuity with what went before. In order to gain a better understanding of this ‘interregnum’, we map five sets of ideas and practices that challenge the policies, ideas, and conventions of pre‐crash orthodoxy. In doing so, we argue that there has been a fundamental transformation in legitimate public discourse about the economy since 2008: ideas and practices that were previously unimaginable or illegitimate in mainstream economic debate are now commonplace. Although this does not represent a ‘paradigm shift’, it represents significant political change that is important to understand and interrogate on its own terms.     

From the Wembley Conference to the ‘McDonnell Amendment’: Labour's Leadership Nomination Rules

A recent change to the Labour party's nomination rules for leadership elections was the eighth such major modification of this brief clause in the party's rule book since 1981. These changes have provided a barometer of factional conflict over this period and indicate the importance of gate‐keeping powers in leadership selection. This article recounts the history of these eight rule changes. It shows how the proportion of Labour MPs (and later MEPs) required to nominate candidates in leadership elections has oscillated markedly, as the left has tried to reduce it while centrists have sought to increase it. The most recent change in 2017, when the threshold was decreased to 10 per cent of Labour MPs and MEPs, was a victory for the left. The article argues that the changes to Labour's nomination rules, while lower‐key than the extension of voting rights from MPs to ordinary members, have been just as significant.     

The ‘Othering’ of ‘Red Ed’, or How the Daily Mail ‘Framed’ the British Labour Leader

This article takes as its starting point the attack on the late Ralph Miliband, the left‐wing intellectual and father of the current Labour leader Ed Miliband, by the Daily Mail in late 2013. It argues that this attack was a response by the Mail to its failed campaign to dub the Labour leader ‘Red Ed’. The article demonstrates that ever since Miliband won the Labour leadership in 2009, the Mail has sought to ‘other’ him by presenting him as ‘alien’—this by constant references to his Jewish background, his upbringing in a wealthy North London intellectual milieu, his supposed extreme left‐wing views and his ineffable ‘oddness’—at least, an oddness as characterised by the newspaper. The paper will conclude by asking why the Daily Mail's ‘Red Ed’ moniker failed to catch on, while noting that their ‘Odd Ed’ moniker seems to have had more resonance.     

Debating the ‘Stalemate’: A Response to Dr Dixon

This article responds to the critique of our work offered by Paul Dixon in this issue of Political Quarterly. We correct the numerous inaccuracies and straightforward errors in his work, which, in our view, distort and misrepresent our arguments.