New institutionalism, critical junctures and post-crisis policy reform

Two accounts of change dominate with new institutional literature. The first emphasises punctuated equilibria' in which change is shock-driven, sudden and radical enough to loosen path dependencies. The second emphasises a more gradual-incrementalism and a view of change that is more or less constant. This article argues that neither account is suitable for the policy scholar interested in understanding the complexity of a post-crisis reform period and that a synthesis between these two views would better serve those interested in the nuance of post-crisis change. The article provides this synthesis in the form of a reconceptualization of the critical juncture. This reconceptualization merges the punctuated equilibrium and the gradual-incremental views and, in doing so, presents a much more realistic institutional account of the fine print of policy change post-crisis. The reconceptualization is subsequently justified empirically through the analysis of a specific post-crisis reform period (the Queensland floods of 2010-11).