Austerity and Economics: Why Germany and European Union supported austerity and why Europe is lagging behind in its recovery after the crisis
Before discussing about austerity and the well documented and highly captivating analysis of it done by Mark Blyth1 in his book “Austerity – The History of a Dangerous Idea” some introduction about the economic crisis that started in 2008 is needed. The reason for this logical and contextual...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
Nicolae Titulescu University
2014-05-01
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| Series: | Global Economic Observer |
| Subjects: | |
| Online Access: | http://www.globeco.ro/wp-content/uploads/vol/GEO_Vol_2_No_1.pdf |
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| Summary: | Before discussing about austerity and the well documented and highly captivating
analysis of it done by Mark Blyth1
in his book “Austerity – The History of a Dangerous Idea”
some introduction about the economic crisis that started in 2008 is needed. The reason for this
logical and contextual need is the fact that in the European Union, particularly in the Euro
area (in countries like PIIGS – Portugal, Ireland, Italy, Greece, Spain) as well as in the less
developed member countries (Romania included), austerity started to be advocated as a cure
for the crisis despite the fact that five years later the results are still expected to manifest in
any significant way. The point we want to make here is that indeed starting with 2008 it was
an economic crisis but not a global one. |
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| ISSN: | 2343-9742 2343-9750 |