Rethinking Fiscal Relations: The Sociology of Public Finances in the Twenty-First Century

We live in exciting times for students of public finances. While years of austerity after 2010 brought stagnation and pushed states’ crises responses onto monetary policies and other versions of "budget-neutral" interventions, even before COVID-19, discussions intensified about proactive fiscal policy, the need for transformative investments, and redistribution. Yet, it is uncertain whether states will be capable of using public finances effectively to address the enormous challenges arising from rising inequalities, ongoing global warming, and fragile democracies.