Financial and economic crisis: theoretical explanations of the global sunset

Patrick Bernhagen, Raj Chari

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)


The authors identify and examine the most promising political science theories for explaining the financial and economic crisis that started in 2007. Surveying the literature on lobbying, elite integration, ideological hegemony, structural state dependence and varieties of capitalism, they review the potential contributions of these different theoretical perspectives to our understanding of the causes of the current crisis specifically, and of the factors driving policymaking and macroeconomic management decisions more generally. They conclude by arguing that these different theories are not mutually exclusive while highlighting the utility of approaches focusing on elite integration, lobbying and structural dominance for making sense of the crisis in Ireland and elsewhere.
Original languageEnglish
Pages (from-to)455-472
Number of pages18
JournalIrish Political Studies
Issue number4
Publication statusPublished - 2011


  • financial crisis
  • economic crisis
  • lobbying
  • policy networks
  • ideology
  • structural dependence
  • varieties of capitalism


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