… Can SYRIZA Put Forward a Progressive Alternative? – Published on The Bullet, Socialist Project’s E-Bulletin No. 1124, by John Milios, June 1, 2015.
1. The Nexus of Economic Crisis and Austerity
1.1. Austerity as a cost saving capitalist strategy:
- After the outbreak of the 2008 global economic crisis, extreme austerity policies prevailed in many parts of the developed capitalist world, especially in the European Union (EU) and the Euro-area (EA). Austerity has been criticized as an irrational policy, which further deteriorates the economic crisis by creating a vicious cycle of falling effective demand, recession and over-indebtedness. However, these criticisms can hardly explain why this ‘irrational’ or ‘wrong’ policy persists, despite its ‘failures’.[1] Continuer la lecture de « The Class Logic behind Austerity Policies in the Euro-Area »