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Austerity as a global prescription and lessons from the neoliberal Baltic experiment
University of Milwaukee-Wisconsin, USA.
Linköping University, Department of Social and Welfare Studies, REMESO - Institute for Research on Migration, Ethnicity and Society. Linköping University, Faculty of Arts and Sciences.ORCID iD: 0000-0002-1933-3847
Univeristy of East Carolina, NC, USA.
2014 (English)In: Economic and Labour Relations Review, ISSN 1035-3046, E-ISSN 1838-2673, Vol. 25, no 3, 397-416 p.Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Sage Publications, 2014. Vol. 25, no 3, 397-416 p.
Keyword [en]
Global financial crisis, austerity, migration, neoliberalism, Baltic states
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-109017DOI: 10.1177/1035304614544091ISI: 000343038100002OAI: oai:DiVA.org:liu-109017DiVA: diva2:735434
Funder
Forte, Swedish Research Council for Health, Working Life and Welfare, 2011- 0338
Available from: 2014-07-28 Created: 2014-07-28 Last updated: 2017-10-18Bibliographically approved

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Woolfson, Charles

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CiteExportLink to record
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  • apa
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