SAFE Policy Lecture: Cornelia Woll
Title: Power of collective inaction: Bank bail-outs in comparative perspective
Speaker: Cornelia Woll, Professor of Political Science, Science Po, Paris
In the wake of Lehman’s default, with economies in the North-Atlantic region apparently staring into the abyss, major efforts at bailing-out banks where launched. The costs (economic and societal) of a disorderly unraveling were judged to be prohibitive. Rescue politics has been, according to Cornelia Woll, decisively shaped by looking at the collective action of the financial industry at the time of near collapse. She develops her argument comparatively and based on structured interviews with reference to bank bailout packages of six countries – the United States, the United Kingdom, Germany, France, Ireland and Denmark. Her core thesis is that the financial industry’s structural power, substantially determining policy outcomes, is directly derived from its alleged incapacity to act.
Cornelia Woll is a Professor of Political Science at Sciences Po, Paris, where she also co-directs MaxPo, the Max Planck Sciences Po Center on Coping with Instability in Market Societies as well as Science Po’s Interdisciplinary Center for Public Policy Evaluation (LIEPP). Professor Woll has a habilitation from Bremen University and holds a PhD from Science Po and University of Cologne. She also holds undergraduate and graduate degrees from Science Po and the University of Chicago. Cornelia Woll, who was granted numerous rewards and is on the editorial board of a number of renowned academic journals, has worked on economic patriotism, international trade, regional economic integration efforts and the last couple of years on issues of banking politics – a most crucial topic against the background of Europe’s efforts in creating a common banking policy.