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The Road from Serfdom

The Road from Serfdom

The aftermath of the 2008 financial crisis has wage earners unsettled, idled involuntarily and indefinitely. Unprepared either for the hardship of scrimping, or the moments of relief from toil, the unemployed are bewildered. What is in store? Many seek relief anticipating a return to the ‘good times’ of the recent past. In his commentary, Austerity […]

Austerity and Demoralisation

Austerity and  Demoralisation

The high unemployment that we have today in Europe, the United States, and elsewhere is a tragedy, not just because of the aggregate output loss that it entails, but also because of the personal and emotional cost to the unemployed of not being a part of working society. Austerity, according to some of its promoters, […]

Sick of Austerity: The Crisis in EU Health Care

Sick of Austerity: The Crisis in EU Health Care

In the aftermath of the 2008 financial crisis, healing the sick economy quickly took over public policy discussions in Europe. At first, it seemed the continent might get by with only a light case and avoid the contagion of bad debt that was sweeping the U.S. Modest stimulus measures combined with existing social insurance to […]

Austerity & the Lessons of 1919

Austerity & the Lessons of 1919

I’ve never liked the word “austerity”: It conjures up the world of Scrooge and Cruella Deville, of humourless Puritans and knuckle rapping schoolmarms determined to kill the least sign of enthusiasm before it gets out of hand. My childhood had its fair share of these characters, and I was familiar with the result. In the […]

Should Germany Exit the Euro?

Should Germany Exit the Euro?

Last summer, financier George Soros urged Germany to agree to the establishment of the European Stability Mechanism, calling on the country to “lead or leave.” Now he says that Germany should exit the euro if it continues to block the introduction of eurobonds. Soros is playing with fire. Leaving the eurozone is precisely what the […]

Bulgarian PM resigns

Bulgarian PM resigns

Citing a lack of support from the Bulgarian people, Bulgarian Prime Minister Boyko Borisov stepped down on 20 February, following protests over high electricity prices, austerity measures and corruption. His decision is expected to be approved by the country’s parliament, thus leading to new elections at a date still to be set. The action is […]

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