Constructing Continuity: The Discursive Construction of the Great Crash of 2008–2009 as a Non-crisis of Neoliberalism

Abstract

ABSTRACT Why, despite being contextualised alongside the Great Depression of the 1930s and inflation and growth crisis of the 1970s, did the Great Crash of 2008–2009 not exert a similarly transformative dynamic in dominant, neoliberal, economic ideas? Drawing on an agent-centred constructivism stressing the centrality of crisis construction and narration, yet with particular emphasis placed upon the incorporation of strategic processes of framing, this article provides fresh insights into the means by which key actors exercise their agency in attempts to ensure continuing adherence to, rather than fundamentally transforming, the status quo. This is explored with reference to macroeconomic policy assumptions in the IMF, an instance which provided all the pre-conditions for a widely interpreted moment of crisis, yet which nevertheless resulted in untransformed ideas and structures.