Patrimony at Risk: Market Uncertainty and Right-Wing Voting

ABSTRACT

The current literature suggests that financial assets push investors to vote for conservative parties given that right-wing policies are said to generate higher returns. Another popular argument is that wealth reduces demand for welfare spending given that private assets can be used as a substitute for social benefits. What I ask in this study is if asset owners always support right-wing parties and a trimmed welfare state. I argue that owners of financial assets become less tempted by free-market policy offerings when there is uncertainty in financial markets. The dot-com bubble, the financial crisis, and most recently the massive impact on financial markets of the coronavirus show that savings can evaporate in a matter of days. I show that the support for right-wing parties decreases in areas with much financial assets under such conditions. [ FROM AUTHOR] Copyright of Comparative Political Studies is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)