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Books > Business & Economics > Business & management > International business
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Industrial Poverty - Yesterday Sweden, Today Europe, Tomorrow America (Hardcover, New Ed)
Loot Price: R4,565
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Industrial Poverty - Yesterday Sweden, Today Europe, Tomorrow America (Hardcover, New Ed)
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Conventional wisdom says that Europe's crisis is a financial
crisis. But is this really the case? In Industrial Poverty,
economist Sven R. Larson, challenges this view and suggests instead
that Europe is in a state of permanent economic decline. The
crisis, says Larson, is in fact a welfare-state crisis. Over
decades, government has grown too big for the private sector to pay
for; when the recession hit in 2008 most European economies could
no longer bear the burden of the welfare state. Raging deficits,
accelerating unemployment and harsh austerity policies hurled the
continent into more than a regular recession. Europe is entering a
new economic state: industrial poverty. Using Sweden in the 1990s
as an example, Larson shows how a welfare-state crisis combined
with the wrong kind of austerity policies replaces prosperity with
industrial poverty. In a desperate effort to balance the budget and
save the welfare state in the midst of the crisis, the Swedish
government subjected the country to some of the toughest austerity
measures on record. The outcome was a permanent reduction in the
standard of living for Swedish families as well as the standard of
government services. Today, Europe is going through the same
transition into industrial poverty. Tomorrow, it could be the
United States, unless Congress and the President take decisive
action against the runaway budget deficit.
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