Accountability after Economic Crisis Retribution, Truth, or Acknowledgment?

Accountability after Economic Crisis reconstructs the captivating story of how different nations responded to the 2008 economic crisis, one of the most challenging economic downturns in modern history. The book focuses on puzzling cross-country variations in policies of accountability. Why did some countries look for explanations of the economic failure and seek to hold those responsible to account, while others looked the other way? And among those countries looking for the truth, were some more successful than others? If so, were certain methods more effective than others? Is there, in fact, a best way?

Iosif Kovras introduces an innovative framework to explain the varied political responses to an economic crisis, pushing the boundaries of traditional analysis by drawing on political economy, comparative politics, public administration, economic history, criminal law, and criminology. To test this framework, he draws on five post-2008 case studies, Ireland, Iceland, Greece, and Cyprus, and adds the experience of the United States in the Great Depression to refine the framework. He identifies three distinct accountability mechanisms used by leaders: retribution - prosecuting those at fault; truth recovery - establishing commissions of inquiry to reveal the facts; official acknowledgment - issuing formal apologies. Zeroing in on each country in turn, he shows how these mechanisms were employed and with what effect.

Featuring original observations from a survey in Iceland and experimental data from a conjoint experiment, Accountability after Economic Crisis provides a thorough and engaging examination of how countries manage accountability in the wake of an economic crisis.

Iosif Kovras, Associate Professor, University of Cyprus

Iosif Kovras is an Associate Professor in the Department of Social and Political Sciences at the University of Cyprus. His research interests include comparative politics, post-conflict transitional justice, and human rights. His work has been published in Comparative Political Studies, West European Politics, Comparative Politics, Political Psychology, European Journal of International Relations, Nations and Nationalism, and Cooperation and Conflict, among others. He is the author of Grassroots Activism and the Evolution of Transitional Justice (CUP, 2017), which received Honorable Mention in the International Studies Association book award.

List of FiguresList of TablesAcknowledgments1. Accountability after Economic CrisisPart I. Retribution2. Economic Crisis and Punishment3. Iceland: Dead Banks and the Quest for Accountability4. Cyprus: Zombie Banks Walking5. Comparative Perspectives of Post-Crisis Retributive JusticePart II. Truth Recovery6. (Un)settling Accounts after Crisis: Truth, Learning, and Accountability7. The Truth Shall Set You Free: Iceland and the United States8. Shading the Truth: Paths to Failure in Greece and CyprusPart III. Apologies9. Who's Sorry Now?10. Explaining Apologies in Post-Crisis EuropePart IV. Impacts11. Looking Backward or Moving Forward?: Assessing the Impact of Accountability after Economic Crisis12. Five Lessons for Post-Crisis AccountabilityAppendix 1: Full list of participants interviewedAppendix 2: Repository of Bank Executives' Prosecutions (2008-2018)Appendix 3: List of Apologies in Selected European Countries after the CrisisAppendix 4: Pre-crisis repertoires of blame managment in Ireland and GreeceAppendix 5: Full Questions Options (Survey Iceland)Appendix 6: Full Multinomial Logistic Regression ModelAppendix 7: Average Marginal Component Effects (AMCE)Appendix 8: Full Conjoint DimensionsReferencesIndex