Author Meets Critics: Mallory SoRelle's "Democracy Declined"

Session Submission Type: Virtual Author meet critics

Session Description

This author meets critics panel proposes to bring together distinguished panel of scholars of American and comparative public policy, political economy, and American political development, to discuss Mallory SoRelle's 2020 book, "Democracy Declined: The Failed Politics of Consumer Financial Protection."

In "Democracy Declined", SoRelle examines why, more than a century after the U.S. government embraced credit to fuel the economy, consumer financial protections have failed to adjust to the changing needs and new vulnerabilities citizens face, as they encounter an ever widening array of products with potentially predatory terms.

Drawing on extensive archival and survey research, SoRelle argues that the failure of federal policy makers to curb risky practices can be explained by the evolution of consumer finance policies aimed at encouraging easy credit in part by foregoing more stringent regulation. Furthermore, SoRelle explains how angry borrowers’ experiences with these policies teach them to focus their attention primarily on banks and lenders instead of demanding that lawmakers address predatory behavior. As a result, advocacy groups have been mostly unsuccessful in mobilizing borrowers in support of stronger consumer financial protections. The absence of safeguards on consumer financing is particularly dangerous because the consequences extend well beyond harm to individuals—they threaten the stability of entire economies. SoRelle identifies pathways to mitigate these potentially disastrous consequences through greater public participation.

Sub Unit

• Division 25: Public Policy

Chair

• Chloe Thurston Northwestern University

Presenters

• Emily Zackin Johns Hopkins University

• Kimberly J. Morgan George Washington University

• Desmond King University of Oxford

• Jacob S. Hacker Yale University

• Mallory E. SoRelle Duke University