Shadow Banking after the Crisis: The Dutch Case

Abstract

This paper presents the case of the post-crisis discursive defence of shadow banking in the Netherlands to argue, first, that there is a need to dust off older elite theories and adapt them to post-democratic conditions where there are no widely shared ‘political formulas’ to secure mass support for elite projects. Second, that temporality should be taken more seriously; it is when stories fail that elite storytelling can be observed in practice. As new ‘political formulas’ are minted and become established, elites can again hope to withdraw from the political scene and leave policy-making to the self-evidence of output legitimacy and/or the perpetuum mobile of There-Is-No-Alternative (TINA). This suggests that elite theory should replace an epochal reading of post-democracy with a more conjunctural one.