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The Role of the State in Financialised Systems of Provision: Social Compacting, Social Policy, and Privatisation

Author

Listed:
  • Kate Bayliss

    (School of Oriental and African Studies, University of London)

  • Ben Fine

    (School of Oriental and African Studies, University of London)

  • Mary Robertson

    (The University of Leeds)

Abstract
This paper draws on a series of case studies to consider the Role of the State, using the systems of provision (SoP) approach where the state and market are not considered to be dichotomous entities (as in most orthodox literature). Rather, markets are organised by the state in ways that are continually evolving. Our coverage of this extensive topic has been delimited by focusing on three aspects of the role of the state. The first of these is social compacting which considers the ways in which economic, political and ideological interests relate to the state. This section considers the state’s role in representing different social interests with a declining influence of labour. The second aspect addressed here is the state’s role in social policy and the provision of basic services. The paper shows that this increasingly comes down to providing for the hard to serve while wider concerns of equity and redistribution are neglected. Finally the paper explores the role of the state in connection with privatisation. Using the empirical evidence of the case studies, the paper shows that implementation and outcomes have been diverse across sectors and countries but common strands are emerging. These sectors are far from competitive, and privatisation has created conditions for significant rent extraction in ways that were unintended at the time of privatisation

Suggested Citation

  • Kate Bayliss & Ben Fine & Mary Robertson, 2016. "The Role of the State in Financialised Systems of Provision: Social Compacting, Social Policy, and Privatisation," Working papers wpaper154, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper154
    as

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    References listed on IDEAS

    as
    1. David Parker, 2004. "The UK's Privatisation Experiment: The Passage of Time Permits a Sober Assessment," CESifo Working Paper Series 1126, CESifo.
    2. Kate Bayliss, 2008. "Water and Electricity in Sub-Saharan Africa," Palgrave Macmillan Books, in: Kate Bayliss & Ben Fine (ed.), Privatization and Alternative Public Sector Reform in Sub-Saharan Africa, chapter 5, pages 88-122, Palgrave Macmillan.
    3. Sonia Arbaci, 2007. "Ethnic Segregation, Housing Systems and Welfare Regimes in Europe," International Journal of Housing Policy, Taylor & Francis Journals, vol. 7(4), pages 401-433.
    4. Nuno Teles, 2015. "Financialisation and neoliberalism; The case of water provision in Portugal," Working papers wpaper102, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    5. Cobus Burger & Ada Jansen, 2014. "Increasing Block Tariff structures as a water subsidy mechanism in South Africa: An exploratory analysis," Development Southern Africa, Taylor & Francis Journals, vol. 31(4), pages 553-562, July.
    6. Fine, Ben, 1990. "Scaling the Commanding Heights of Public Enterprise Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(2), pages 127-142, June.
    7. Kay, J A & Thompson, D J, 1986. "Privatisation: A Policy in Search of a Rationale," Economic Journal, Royal Economic Society, vol. 96(381), pages 18-32, March.
    8. Hall, David & Lobina, Emanuele, 2007. "International actors and multinational water company strategies in Europe, 1990-2003," Utilities Policy, Elsevier, vol. 15(2), pages 64-77, June.
    9. Kate Bayliss & Ben Fine & Mary Robertson, 2013. "From Financialisation to Consumption: The Systems of Provision Approach Applied to Housing and Water," Working papers wpaper02, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Julia Ngozi Chukwuma, 2022. "Global ideas of welfare and the narrowing scope of social policy," Working Papers 252, Department of Economics, SOAS University of London, UK.
    2. Jesus Ferreiro, 2016. "Macroeconomic and financial sector policies to better serve the economy and society," Working papers wpaper165, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Costas Lapavitsas & Aylin Soydan, 2020. "Financialisation in developing countries: Approaches, concepts, and metrics," Working Papers 240, Department of Economics, SOAS University of London, UK.

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    More about this item

    Keywords

    role of the state; neoliberalism; social policy; privatisation; financialisation; housing; water;
    All these keywords.

    JEL classification:

    • H4 - Public Economics - - Publicly Provided Goods
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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