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Erschienen in:
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2018 | OriginalPaper | Buchkapitel

1. Foundations of the Argument

verfasst von : Ray Kinsella, Maurice Kinsella

Erschienen in: Troikanomics

Verlag: Springer International Publishing

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Abstract

In this chapter we provide introductory reflections on core themes that are expanded on within this book, including a preliminary overview of the Troika and ‘Troikanomics’. Alongside this, we discuss our motivations for exploring these issues from a philosophical perspective. Our argument, in this context, is that recognising and recovering from the 'existential crisis' that is currently assailing the European Union (EU) requires a critique of the ‘givens’ that have contributed to the creation and perpetuation of this crisis (which continues to manifest itself in diverse ways). Until such time that the EU is willing to move past the 'Conventional Wisdom’ that has stymied its intellectual and moral development, it will not be able to embark on recovery in any meaningful or sustainable sense. If you begin with a flawed and contradictory EU (and Eurozone) that remains in crisis (notably, in Greece and Italy), and attempt to provide solutions without reflectively critiquing its underlying orthodoxies, then it is unlikely that these solutions will garner successful results. Existential crisis is, in such instances, likely to remain.

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Nächstes Kapitel A Critical Inflection Point for the EU
Fußnoten
1
The European Parliament (2014) notes that the Troika ‘originated in the decision of 25 March 2010 by euro area Heads of State and Government to establish a joint programme and to provide conditional bilateral loans to Greece, thereby also building on recommendations from the Ecofin Council’.
 
2
See, for example, Hall (2012) for a discussion on the onerous adjustment requirements imposed on these countries.
 
3
See Berschens (2017).
 
4
Greece’s experiences of the Debt Crisis, and its subsequent dealings with the Troika, are discussed in greater detail in Chap. 7.
 
5
All of these countries, except for Greece, subsequently exited the Bailout arrangements with the Troika: Ireland in December 2013, Spain in January 2014, Portugal in May 2014, and Cyprus in March 2016.
 
6
For further discussion, see Kinsella (2012).
 
7
These are, respectively, its ‘White Paper on the Future of Europe: Reflections and scenarios for the EU27 by 2025’ (European Commission 2017a) and its ‘Reflection Paper on the Deepening of the Economic and Monetary Union’ (European Commission 2017b).
 
8
For a further discussion on the range of crises currently assailing the EU, see Schwab (2012).
 
9
To take just one metric, as of Q4 2017, Greece had an unemployment rate (age 15–74) of 21.2% and Spain a rate of 16.6%. All of these are above the EU average of 7.3%, in particular Germany at 3.5% (Eurostat 2018a). What is even more telling is that in Greece, long-term unemployment (12 months or more) accounts for 71.8% of unemployment—again far above the EU average of 44.5% (Eurostat 2018b). For further insights on the relationship between austerity and health status, see Karanikolos et al. (2013).
 
10
It should, of course, be highlighted that there are mainstream economists whose analysis is permeated by a strong ethical perspective. Joseph Stiglitz is a notable example who has written eloquently of the nihilistic underbelly of austerity—and with the authority of someone who has designed and participated in missions for the World Bank. He is, however, a rare exception that proves the rule.
 
11
For a further discussion on this point, see Christman (2009a, 2009b).
 
12
Economists such as Amartya Sen attest to the mutually beneficial nature of aligning philosophical and economic critique.
 
13
For a detailed analysis on the economic contributions of Galbraith, see Dunn and Pressman (2005).
 
14
For example, prominent economists have argued that the Eurozone failed to meet ‘Optimum Currency Area’ requirements—see Krugman (2012), Pisani-Ferry (2013), and Gibson et al. (2014). Dow (2016) also discusses issues centering on design flaws within the EMU—including its presumption of convergence.
 
15
See Lapavitsas’ Preface to Lapavitsas et al. (2012) for a similar perspective.
 
Literatur
Christman, J. (2009a). The Politics of Persons: Individual Autonomy and Socio-Historic Selves. Cambridge: Cambridge University Press.CrossRef
Christman, J. (2009b). Autonomy, Recognition, and Social Dislocation. Analyse and Kritik, 31(2), 275–290.
Dow, S. (2016). Ontology and Theory for a Redesign of European Monetary Union. World Economic Review, 6, 1–11.
Dunn, S. P., & Pressman, S. (2005). The Economic Contributions of John Kenneth Galbraith. Review of Political Economy, 17(2), 161–209.CrossRef
European Commission. (2017a). White Paper on the Future of Europe: Reflections and Scenarios for the EU27 by 2025. Brussels: European Commission.
European Commission. (2017b). Reflection Paper on the Deepening of the Economic and Monetary Union. Brussels: European Commission.
European Parliament. (2014). Role and Operations of the Troika with Regard to the Euro Area Programme. Brussels: The European Parliament.
Galbraith, J. K. (1958). The Affluent Society. New York: Houghton Mifflin.
Galbraith, J. K. (1973). Economics and the Public Purpose. Boston: Houghton Mifflin.
Gibson, H. D., Palivos, T., & Tavlas, G. S. (2014). The Crisis in the Euro Area: An Analytic Overview. Journal of Macroeconomics, 39, 233–239.CrossRef
Hall, P. A. (2012). The Economics and Politics of the Euro Crisis. German Politics, 21(4), 355–371.CrossRef
Karanikolos, M., Mladovsky, P., Cylus, J., Thomson, S., Basu, S., Stuckler, D., Mackenbach, J. P., & McKee, M. (2013). Financial Crisis, Austerity, and Health in Europe. The Lancet, 381(9874), 1323–1331.CrossRef
Krugman, P. (2012). Revenge of the Optimum Currency Area. NBER Macroeconomics Annual, 27(1), 439–448.CrossRef
Lapavitsas, C. (2012). Crisis in the Eurozone. London: Verso.
Pisani-Ferry, J. (2013). The Known Unknowns and Unknown Unknowns of European Monetary Union. Journal of International Money and Finance, 34(C), 6–14.
Schwab, K. (2012). The Re-emergence of Europe. s.l.: World Economic Forum.
Metadaten
Titel
Foundations of the Argument
verfasst von
Ray Kinsella
Maurice Kinsella
Copyright-Jahr
2018
Buch
Troikanomics

Print ISBN: 978-3-319-97069-1

Electronic ISBN: 978-3-319-97070-7

Copyright-Jahr: 2018

DOI
https://doi.org/10.1007/978-3-319-97070-7_1