The term ownership society is commonly used to describe a suite of policies promoted during the second George W. Bush administration that sought, among other things, to increase popular ownership of housing and financial assets. The ownership society was always in large part an attempt at social engineering. That attempt rests on two premises: first, that asset ownership pushes individuals’ politics to the right; and second, that governments can engineer a more right-leaning populace by promoting asset ownership. While the term was novel, the ideas were not. Bush’s ownership society bore more than a striking resemblance to Thatcher’s “enterprise society,” for example, and similar ideas percolated in some quarters of Latin American neoliberalism of the 1980s and 1990s. But foreign referents are in this case not necessary; the ownership society was in large part an expansion of a preexisting American tradition of promoting private ownership explicitly for its capacity to transform the owner’s politics. Despite its consistent appeal to right-of-center governments, political science has not come to any tidy conclusions about whether the ownership society exists or, if it does exist, how it works and how it interacts with financial and housing markets. Turmoil in those markets over the past 10 years, and the accompanying political fallout, underline the need to consolidate what we know about the ownership society and to set a course for theoretical and empirical development. Two themes in the literature are particularly noteworthy as it moves forward. First, there is a substantial contrast between “static” and “dynamic” theories of ownership society politics. Static theories argue that the fact of asset ownership per se affects the owner’s politics; dynamic theories look more toward movements in asset markets, arguing that asset ownership’s political effects vary according to the financial consequences of that ownership on the individual. While the latter appears to better fit the empirical evidence, the relevant scope conditions—when should we expect a dynamic theory to obtain, and where should we expect a static theory to obtain—remain unclear. Second, the empirical study of the ownership society is made difficult by the fact that asset ownership is virtually never randomly assigned, and the political antecedents of asset ownership are difficult to convincingly control for using observational data. In lieu of a perfect research design, better communication between observational and experimental studies can help move the literature forward.
Bas Van Der Vossen
Libertarianism is a theory in political philosophy that strongly values individual freedom and is skeptical about the justified scope of government in our lives. Libertarians see individuals as sovereign, as people who have a right to control their bodies and work, who are free to decide how to interact with willing others, and who cannot be forced to do things against their will without very strong justification. For some, the argument in support of this view hinges on the principle of self-ownership. To them, individual rights are morally foundational, the basic building blocks of their theory. Many others, however, take a broader view, arguing that societies flourish when they offer people large degrees of freedom in both personal and economic matters. As a result, libertarianism sees the state as playing at most only a very limited role in matters concerning distributive justice. Libertarians are skeptical about calls to reduce material inequality for its own sake, strongly favor free trade, and defend opening borders for migrants. They see policies that violate these commitments as inevitably involving wrongs against free and equal persons.
Stephen N. Goggin, Stephanie A. Nail, and Alexander G. Theodoridis
George Washington warned in his farewell address that “the spirit of party ... is inseparable from our nature, having its root in the strongest passions of the human mind.” Indeed, while many factors influence how citizens judge, reason, and make decisions about politics, parties and partisanship play an extraordinarily central role in political cognition. Party and partisanship color how individuals understand the political world in two broad ways. Partisan stereotypes, or how party labels call to mind a host of attributes about people and constituent groups, play an important role in cognition. Second, perhaps even more pronounced in a hyperpolarized political world, is the way in which party influences cognition through partisan identity, or one’s own attachment (or lack thereof) to one of the parties. This connects a party and co-partisans with one’s own self-concept and facilitates an us-versus-them mentality when making political judgments and decisions. Both cognitive pathways are often simultaneously operating and interacting with each other. While we can think about the role of party in terms of stereotypes or identities, the impact of partisanship on actual cognition often involves both, and it can have varied implications for the quality of political decision making. Because partisanship is central to the political world, particularly in democracies, it has been the subject of a variety of lines of inquiry attempting to explain its impact on voters’ decisions.
Annette Bongardt and Francisco Torres
The Lisbon (2000–2010) and its successor, the Europe 2020 strategy (2011–2020), denote EU-wide exercises in economic policy coordination for economic and institutional modernization. They set an ample reform agenda with common targets to transform a host of common challenges facing the EU and its members (as varied as globalization, the paradigm shift to a knowledge economy, demographic aging, or climate change) into economic opportunities and quality growth. The economic and political economy arguments for EU-level coordination rested on positive spillovers from trade and peer pressure, respectively. The Europe 2020 strategy, a revised Lisbon rather than a new strategy, set a renewed vision of a European social market economy that also plays an important role in the global context (the 2030 Agenda for Sustainable Development). Built on the Lisbon strategy’s governance framework, Europe 2020 inherited a problem-laden legacy with respect to governance and ownership of reforms and in addition faced the impact of large negative transnational spillovers, which put in sharp focus that there was an as-yet-unaccounted-for euro-area dimension to the reform agendas. The sovereign debt crisis (2010–2014) added urgency to dealing with the EU’s structural weaknesses and economic governance building. The European Semester was set up as the chief instrument to help overcome compliance and implementation problems, inserted within broadened economic policy coordination, of which structural reforms under the Europe 2020 strategy constitute one of three blocks. The OMC method affords member states the possibility of finding their own consensual path toward agreed economic reform targets within the strategy’s adequate, 10-year timeframe. The central idea continues to be the promotion of reforms tailored to member states’ heterogeneous situations and preferences and that so are also politically sustainable. Without being framed and perceived in terms of desirable reforms in line with socioeconomic objectives and preferences, reforms carry potential for a political backlash. The Europe 2020 strategy also captures the fundamental and long-term issues for economic development and competitiveness, notably institution building, and outlines a forward-looking model of society with social and environmental dimensions. The European Commission came to base its assessment of the implementation of structural reforms on the broader objectives of the Europe 2020 strategy and also included the respect for the European social pillar in the European Semester. Nonetheless, Europe 2020 results have been mixed. The OMC does not feature sanctions for non-compliance. The sovereign crisis context added compliance-enhancing mechanisms that were absent before (market and peer pressure, conditionality in countries subject to adjustment programs) although those came essentially to a halt when financial market pressure subsided, and ECB actions had the side effect of relieving pressure. Efforts undertaken to improve implementation include a structural reform support program to make country-specific recommendations more effective. Yet, close to the end of its term the Europe 2020 strategy continues to be held back by member states taking insufficient ownership of reforms and not prioritizing the relevant ones from an EU point of view, a lack of visibility and ultimately, governance (the unanimity requirement).