The Contradictions of Austerity
The Socio-Economic Costs of the Neoliberal Baltic Model
By Charles Woolfson, Jeffrey Sommers | Publisher: Taylor and Francis
About the book
The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for \"models\" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the \"Baltic model\" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic \"austerity fix\" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model.
We examine each of the Baltic States by connecting national level studies within a European and global political economy, thereby delivering comparative breadth that supersedes localized understandings of the crisis. Thus for each of the three Baltic states, individual chapters explore the different economic and social dimensions of neo-liberal post-communism and the subsequent wider global economic and financial crisis in which these newly financialized economies have found themselves especially vulnerable. The \"austerity model\" adopted by Baltic national governments in response to the crisis reveals the profound vulnerabilities created by their unwavering commitment to liberalized economies, not least in terms of the significant \"exit\" of their labor forces and consequent population loss.?
This book looks beyond basic financial metrics claiming a success story for the Baltic austerity model to reveal the damaging economic and social consequences, first of neo-liberal policies adopted during transition, and latterly of austerity measures based on \"internal devaluation.\" Combined these policies undermine the possibility of longer-term recovery and even social and economic sustainability, not to mention prospects for successful integration in the now-faltering European project that has departed from its \"Social Model\" roots.
Editions of The Contradictions of Austerity
- EBook
- ISBN 9781317800149
- PDF
- ISBN 9781317800156
Read an Excerpt
The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for \"models\" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the \"Baltic model\" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic \"austerity fix\" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model.
We examine each of the Baltic States by connecting national level studies within a European and global political economy, thereby delivering comparative breadth that supersedes localized understandings of the crisis. Thus for each of the three Baltic states, individual chapters explore the different economic and social dimensions of neo-liberal post-communism and the subsequent wider global economic and financial crisis in which these newly financialized economies have found themselves especially vulnerable. The \"austerity model\" adopted by Baltic national governments in response to the crisis reveals the profound vulnerabilities created by their unwavering commitment to liberalized economies, not least in terms of the significant \"exit\" of their labor forces and consequent population loss.?
This book looks beyond basic financial metrics claiming a success story for the Baltic austerity model to reveal the damaging economic and social consequences, first of neo-liberal policies adopted during transition, and latterly of austerity measures based on \"internal devaluation.\" Combined these policies undermine the possibility of longer-term recovery and even social and economic sustainability, not to mention prospects for successful integration in the now-faltering European project that has departed from its \"Social Model\" roots.
Frequently Asked Questions
What is The Contradictions of Austerity about?
The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for \"models\" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the \"Baltic model\" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic \"austerity fix\" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model.
We examine each of the Baltic States by connecting national level studies within a European and global political economy, thereby delivering comparative breadth that supersedes localized understandings of the crisis. Thus for each of the three Baltic states, individual chapters explore the different economic and social dimensions of neo-liberal post-communism and the subsequent wider global economic and financial crisis in which these newly financialized economies have found themselves especially vulnerable. The \"austerity model\" adopted by Baltic national governments in response to the crisis reveals the profound vulnerabilities created by their unwavering commitment to liberalized economies, not least in terms of the significant \"exit\" of their labor forces and consequent population loss.?
This book looks beyond basic financial metrics claiming a success story for the Baltic austerity model to reveal the damaging economic and social consequences, first of neo-liberal policies adopted during transition, and latterly of austerity measures based on \"internal devaluation.\" Combined these policies undermine the possibility of longer-term recovery and even social and economic sustainability, not to mention prospects for successful integration in the now-faltering European project that has departed from its \"Social Model\" roots.
What core themes, tropes, or subjects are explored in The Contradictions of Austerity?
Economics, Finance, Business and Management > Economics
Where can I read a sample of The Contradictions of Austerity?
You can read an official preview of the few pages here https://www.book2look.com/book/9781317800149
Is The Contradictions of Austerity part of a series, and can it be read as a standalone?
Yes it is a part of series Routledge Studies in the European Economy
Who is/are the Author/s of the book The Contradictions of Austerity?
Charles Woolfson, Jeffrey Sommers
What are the ISBN numbers for the physical and digital editions?
The Contradictions of Austerity is available as ebook(ISBN 9781317800149) and pdf(ISBN 9781317800156)