Austerity as a global prescription and lessons from the neoliberal Baltic experiment
Bibliographic Data
| ID | 23200545 |
|---|---|
| Authors | Jeffrey Sommers (University of Wisconsin–Milwaukee), Charles Woolfson (0000-0002-1933-3847, Linköping University, corresponding author), Arunas Juska (0000-0002-8828-4364, East Carolina University) |
| Year | 2014 |
| Volume | 25 |
| Issue | 3 |
| Pages | 397-416 |
| Publication date | 2014-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic and Labour Relations Review (JOURNAL) |
| Journal identifiers | ISSN: 1035-3046 • E-ISSN: 1838-2673 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1177/1035304614544091 |
| OpenAlex | W2110073702 |
| Language | EN |
| Citations received | 9 |
| References cited | 15 |
This article analyses the 2008 economic crisis and its outcomes for the Baltic states. It then gives a genealogy of European economic policy responses to the crisis, tracing them from the emerging ‘freshwater’ school of economics (e.g. University of Chicago) that arose in opposition to Keynesian theory. The more immediate cause of the 2008 crisis, long in the making, was its reliance on private debt to sustain economic demand in light of profit-enhancing wage suppression. Following the 2008 financial shock, European Union policymakers crafted policy that placed the burden of adjustment on labour. A programme of austerity was chosen in much of the European Union, at odds with the post-war European ‘social model’. This represented a retreat from the notion of a European project that encouraged liberalisation of economic policy but at the same time could be harmonised with a social dimension to create a distinctive ‘Social Europe’. Nowhere was this austerity more vigorously applied than in the Baltic states. Its effects are examined here, along with lessons to be derived from that experience.
Austerity · Debt · Debt crisis · Development economics · Economic policy · Economics · European debt crisis · European integration · European social model · European union · Macroeconomics · Political economy · Political science · Politics · Housing, Finance, and Neoliberalism · Law · Political and Economic history of UK and US · Social Policy and Reform Studies
An Unassailable Fortress? Neo-Liberalism in Estonia
Structural reforms and business ethos in universities under Estonia’s post-2008 austerity regime
Latvia a decade out from the world’s largest GDP crash
Financial crisis and austerity
Childcare in Lithuania and Belarus
Social Consequences of Neoliberal Economic Crisis and Austerity Policy in the Baltic States
Support for free trade
The welfare systems of the Baltic states following the recent financial crisis of 2008–2010
Longer working lives – what do they mean in practice – a case of the Baltic countries
The political element in the development of economic theory.
Capital in the Twenty-First Century
Growth in a Time of Debt
Austerity
Still a Future for the European Social Model?
Negotiated responses to the crisis in the Baltic countries
The Contradictions of Austerity
The Crisis of Democratic Capitalism
The European Social Model
Baltic Tigers
| Unique citing works | 9 |
|---|---|
| Citations per year | 0,75 |
| Citation span | 2014 - 2024 (11) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 8 |