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The Contradictions of Austerity - The Socio-Economic Costs of the Neoliberal Baltic Model (Hardcover, New)
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The Contradictions of Austerity - The Socio-Economic Costs of the Neoliberal Baltic Model (Hardcover, New)
Series: Routledge Studies in the European Economy
Expected to ship within 12 - 17 working days
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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.
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