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9781322523415

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Cornelia Woll has produced a richly researched and important analysis of the wave of bank bailouts in advanced democracies prompted by the 2007 2008 Great Recession. In a theoretically sophisticated analysis, Woll asks and addresses the question: What influence did financial industry actors exert on national governments to help them protect their banking and investment institutions? From detailed case studies of the United States, the United Kingdom, Denmark, France, Ireland, and Germany, Woll develops a persuasive argument about how the degree of collective action achieved by a country's financial sector matters fundamentally for the level and content of government intervention and support during a crisis. Not only does the theoretical argument help explain the recent crisis but it provides a framework for understanding state-financial sector relations in general. I highly recommend The Power of Inaction. Desmond King, University of Oxford

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