European Unions after the Crisis

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Title: European Unions after the Crisis
Authors: Erne, Roland
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Date: May-2011
Online since: 2012-10-02T15:39:02Z
Abstract: The economic and financial crisis has discredited the idea of a self-regulating market.Yet, it remains to be seen what measures society will be taking to protect itself against future fallouts of global markets. There is a growing consensus that the economy needs to be governed by tighter regulations. But this does not necessarily mean that the economy will be subordinated to democratic politics. Nevertheless, the paper concludes that any fatalism about the prospects of a democratic counter-movement against the marketisation of society is misplaced. Without doubt, the first reactions to the crisis -namely the huge bailouts for private banks and the subsequent cutbacks in public services - do not augur well for the future of labour and egalitarian democracy.Conversely, the more socio-economic decisions are taken by tangible political and corporate elites rather than abstract market forces, the more difficult it is to mystify underlying business interests. The more visible business interests become, however, the easier it will be for social movements and trade unions to mobilise discontent and to politicise the economy.
Type of material: Working Paper
Publisher: UCD Dublin European Institute
Series/Report no.: UCD Dublin European Institute Working Papers; 11-1
Copyright (published version): 2011, Roland Erne
Keywords: Great recessionGlobal financial crisisBank bailoutsCounter-movementsNeo-liberalismPrivatised KeynesianismPostdemocracyEuropean Union
Subject LCSH: Global Financial Crisis, 2008-2009
Financial crises--European Union countries
Banks and banking--European Union countries
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Language: en
Status of Item: Not peer reviewed
Appears in Collections:Business Research Collection

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