Search

The article discusses the European political left and social democracy from the 1970s through the mid 2010s, including the impact of the European Sovereign Debt Crisis on the left. An overview of neoliberalism in Europe, including in regard to the blame received by European social democratic parties for the Sovereign Debt Crisis is provided. An overview of the role that economic conditions in Europe play in politics on the continent, including regard to British Labor Party chancellor of the Exchequer Gordon Brown's praise of the British economy, is also provided.

Orthodox integration scholarship failed to identify the factors leading to the euro area (EA) economic and financial crisis because of weaknesses that Horkheimer identified in ‘traditional’ theory: disciplinary splits and a tendency to idealize from particular instrumental perspectives. By contrast, critical political economy offered a plausible and coherent elucidation of the emergent properties and limits of finance-led capitalism and their concrete manifestation in the EA. This contribution both reviews state-of-the-art critical political economy research on the EA crisis and makes a distinct contribution to it. In addressing the puzzle of why not only the Economic and Monetary Union persists despite morbid symptoms but why crisis management is extending and deepening a discredited finance-led capitalism, the contribution synthesizes theories of transnational class formation and inter-state relations, and proposes that Europe is caught in an ordoliberal iron cage. [ABSTRACT FROM PUBLISHER]

The article discusses political and social turmoil in Greece as of 2014. Topics include efforts to prosecute corrupt political and business leaders, political violence surrounding the far right Golden Dawn political party, and Greece's fiscal and economic crisis involving public debt that began in 2009. Also addressed are the social impact of government austerity measures, internal devaluation that lowered the minimum wage, and the prospects of liberal or center left politicians in 2014.