Framing the global economic downturn
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Framing the global economic downturn
Crisis rhetoric and the politics of recessions
Table of Contents
The contributors
Part I. Setting the stage
1. From ‘market correction’ to ‘global catastrophe’
1. Economic rhetoric in times of turbulence
2. A leadership perspective on economic crisis management
3. Meaning making in economic crises: frames and counter-frames
4. Overview and acknowledgments
References
2. Understanding crisis exploitation
1. Crises as political battlegrounds
2. Dissecting framing contests
The first framing contest: severity—ripple or crisis?
The second framing contest: causality—incident or symptom?
The third framing contest: the political game—blameworthy or not?
The fourth framing contest: the policy game—maintain or change policy commitments?
3. Crisis rhetoric and framing contests in the media arena
4. Studying framing contests during the economic meltdown: design and methods
References
Part II. One crisis, different worlds: the United States and Canada
3. The United States: crisis leadership in times of transition
1. Going down: the escalation of the sub-prime mortgage crisis
2. Methodological considerations
3. Crisis development and elite rhetoric in the United States
From crisis to opportunity: Presidents Bush and Obama
From reassurance to repair: Treasury Secretaries Paulson and Geithner
Back to the Depression? Federal Reserve Chairman, Ben Bernanke
4. Conclusions: the limits of crisis management by speech
References
4. Canada: the politics of optimism
1. Warranted optimism or an illusion of invulnerability?
2. Methodological considerations
3. Crisis development and elite rhetoric in Canada
12 May 2008: the Finance Minister’s assertion of Canadian resilience
25 September 2008: bank governor Carney’s crisis narrative
7 October 2008: Prime Minister Harper’s bid for re-election
17 October 2008: a re-elected Harper opens the new Parliament
27 January 2009: Finance Minister Flaherty’s budget speech
10 February 2009: bank governor Carney’s ‘realism’
23 February 2009: Flaherty attempts to rally the public
10 March 2009: Harper’s continued optimism
1 April 2009: the bank governor sees light at the end of the tunnel
4. Framing the financial crisis in Canada: analysis and conclusions
References
Part III. Dark clouds and turbulence in Europe
5. United Kingdom: the politics of government survival
1. From Northern Rock to a global financial crisis
2. Methodological considerations
3. Crisis development and elite rhetoric in the United Kingdom
1 October 2007: Prime Minister Brown’s ‘age of turbulence’ speech
September 2007 – February 2008: Chancellor Darling’s early rhetoric
September 2007 – April 2008: bank governor King’s early rhetoric
12 March 2008: the Chancellor’s budget statement
10 June 2008: King’s ‘normalisation’ of turmoil
13 October 2008: the Prime Minister’s ‘unprecedented times’
29 October 2008: Darling’s focus on global economic governance
20 January 2009: governor King’s ‘political’ edge
26 January 2009: Brown’s continued global crisis narrative
10 February 2009: Brown under increasing pressure
11 March 2009: Darling’s G20 finance ministers’ meeting
17 March 2009: King’s caution against rash action
4. Framing the financial crisis in the United Kingdom: analysis and conclusions
Naming, explaining and accounting for the crisis
Framing contests: political survival and policy reform
References
6. Republic of Ireland: from Celtic tiger to recession victim
1. Boom to bust
2. Methodological considerations
3. Crisis development and elite rhetoric in Ireland
18 April 2008: Governor Hurley’s trouble-on-the-horizon speech
8 July 2008: Finance Minister Lenihan’s mixed message
10 July 2008: Governor Hurley’s moderation
2 October 2008: Taoiseach Cowen offering deposit guarantees
3 October 2008: Governor Hurley’s support for the deposit guarantee
15 October 2008: the Taoiseach’s reform agenda
5 December 2008: Lenihan’s reform salesmanship
15 January 2009: Lenihan’s take on AIB nationalisation
28 January 2009: Cowen’s crisis plan
3 February 2009: Cowen’s break with the social partners
4 February 2009: Lenihan’s blame management
10 March 2009: Hurley’s blame deflection
4. Framing the financial crisis in Ireland: analysis and conclusions
Public sector reform
Reform of the Irish economy
Unintended consequences
Rhetorical consistency
References
7. France: dominant leadership
1. Crisis as leadership opportunity
2. Methodological considerations
3. Crisis development and elite rhetoric in France
25 June 2008: the bank governor’s early diagnosis
25 September 2008: Sarkozy’s Toulon address
26 September 2008: Finance Minister Lagarde’s budget speech
15 October 2008: Lagarde presenting a recovery plan
21 October 2008: Noyer’s struggle to be heard
23 October 2008: Sarkozy’s Argonay address
4 December 2008: Sarkozy’s Douai address
13 January 2009: Lagarde’s optimism for the New Year
21 January 2009: Noyer’s strategies for French and European finance
24 March 2009: Sarkozy’s Saint-Quentin address
4. Framing the financial crisis in France: analysis and discussion
French political culture: public opinion and state structure
A lack of political opposition
France in a truly global financial crisis
References
8. The European Union: from impotence to opportunity?
1. The European Union and the global financial crisis
2. Methodological considerations
3. The President of the European Commission
Barroso’s key speech acts
Media responses to Barroso’s framing
4. EU Commissioner for Economic and Financial Affairs
Almunia’s key speech acts
Media responses to Almunia’s framing
5. The President of the European Central Bank
Trichet’s key speech acts
Media response to Trichet’s framing
6. Member state leaders: the road to collaboration
7. Conclusions: the power of rhetoric or the power of interdependence?
References
Part IV. No hiding place: the meltdown and the Asia-Pacific region
9. Australia: ‘the lucky country’ on a knife edge
1. Batten down the hatches
2. Methodological considerations
3. Crisis exploitation and elite rhetoric in Australia
31 March 2008: the Prime Minister and the crisis abroad
2 June 2008: the Treasurer’s post-budget assessment of the global crisis
13 June 2008: the bank governor stating his priorities
17 September 2008: the bank governor insists on the big picture
10 October 2008: the Treasurer goes to Washington
14 October 2008: the Prime Minister addressing the nation
19 November 2008: the bank governor’s plea for perspective
26 November 2008: the Prime Minister’s ‘temporary deficit’
23 January 2009: the Treasurer’s visit to ‘ground zero’
February 2009: Rudd’s essay
20 February 2009: the bank governor addresses the House
23 March 2009: the Treasurer’s promise for the future
4. Framing the financial crisis in Australia: analysis and discussion
Finding a culprit: the political game
Policy exploitation: Labor’s new deal
Exploitation objectives: politics and technocracy
Counter-frames: the media and the public
Conclusion
References
10. New Zealand: electoral politics in times of crisis
1. From crisis to crisis to elections
2. Methodological considerations
3. Crisis development and elite rhetoric in New Zealand
23 May 2008: Prime Minister Clark’s budget speech
27 June 2008: Treasurer Cullen’s reassurance attempt
6 October 2008: the Treasury’s pre-election update
6 October 2008: Cullen’s response
8 October 2008: the prime minister-in-waiting’s big plan
11 October 2008: Clark upping the ante
4 December 2008: the Treasury briefing to the incoming government
5 December 2008: the new Treasurer’s reform bid
10 December 2008: the bank governor’s warning
18 December 2008: further bad news from English
27 February 2009: the bank governor at the ‘Jobs Summit’
27 February 2009: the new Prime Minister’s call to action
4. Framing the financial crisis in New Zealand: analysis and conclusions
References
11. Singapore: staying the course
1. Crisis management in a ‘moderated democracy’
2. Methodological considerations
3. Crisis development and elite rhetoric in Singapore
27 June 2008: Finance Minister Shanmugaratnam blaming (foreign) hubris
24 July 2008: monetary authority managing director Heng’s ‘business as usual’
17 October 2008: Heng managing blame
22 January 2009: Shanmugaratnam’s budget statement
19 February 2009: Prime Minister Lee’s pride in fiscal prudence
22 February 2009: Lee’s defence of the Singaporean way
4 March 2009: Heng’s gloomy outlook
24 March 2009: Shanmugaratnam finetuning the message
28 March 2009: Lee’s call for unity
4. Framing the financial crisis in Singapore: analysis and conclusions
References
Part V. Comparisons and reflections
12. Contesting the frame: opposition leadership and the global financial crisis
1. Whose crisis?
2. Cases and context: opportunities and expectations
United Kingdom: a besieged government and a vulnerable economy
United States: competing opposition leaders
Germany: spot the opposition
3. The second and third framing contests: causality and blame
United Kingdom: winning a blame showdown
United States: blame as a fait accompli
Germany: blame dilemmas
4. Opposition by looking forward: the politics of policy change
United Kingdom: the rewards of doing nothing
United States: the other guy blinked
Germany: missed opportunities
5. Conclusions: opposition and crisis exploitation
References
13. Crisis leadership in terra incognita
1. Managing a financial tsunami
2. Management by discourse: does it work?
3. Crisis exploitation: how, then, does one exploit a global crisis?
4. Reconsidering crisis leadership
References
14. Framing dilemmas in the quest for successful crisis management
1. Why the cacophony?
2. Striving for success in crisis management
3. Hot spots: crisis-framing dilemmas
Fast versus successful framing
Frame consistency versus frame adaptability
Framing for political versus policy success
4. Conclusion
References
15. Managing trans-boundary crises
1. Crises without borders
2. Making sense of uncertainty and complexity
3. Accepting the heat at the top
4. Practice makes perfect
5. Beyond the thrill ride
16. Public leadership and the social construction of economic catastrophe
1. Meaning-making predicaments
2. Hard realities versus soft talk
3. Who done it? Rhetoric of responsibility and blame
4. What now? Rhetoric of policy and reform
5. So what? Final reflections
Nostra culpa: flaws and limitations
Does rhetoric matter?
Whatever happened to rallying around the flag?
A crisis in progress
References