The Tragedy and Farce of European Policy
More than four years into the worst economic downturn since the Great Depression, Europe remains mired in a vicious cycle of low or no growth, unsustainable debt, and strict austerity measures. Nevertheless, to paraphrase Karl Marx, the policies that created this tragedy seem destined to be endlessly and farcically repeated.
LONDON/ANN ARBOR – More than four years into the worst economic downturn since the Great Depression, Europe remains mired in a vicious cycle of low or no growth, unsustainable debt, and strict austerity measures. In May, 24.9 million people were unemployed across the European Union’s 27 member states – an increase of nearly two million from last year, and nine million from the first quarter of 2008. In the same month, eurozone unemployment reached 11.1%, with Spain and Greece at Great Depression levels of 24.6% and 21.9%, respectively. Nevertheless, to paraphrase Karl Marx, the policies that created this tragedy seem destined to be endlessly and farcically repeated.
LONDON/ANN ARBOR – More than four years into the worst economic downturn since the Great Depression, Europe remains mired in a vicious cycle of low or no growth, unsustainable debt, and strict austerity measures. In May, 24.9 million people were unemployed across the European Union’s 27 member states – an increase of nearly two million from last year, and nine million from the first quarter of 2008. In the same month, eurozone unemployment reached 11.1%, with Spain and Greece at Great Depression levels of 24.6% and 21.9%, respectively. Nevertheless, to paraphrase Karl Marx, the policies that created this tragedy seem destined to be endlessly and farcically repeated.