The Impact Of Neoliberal Policy Failure Since The Great Recession

Addressing some issues, the European Union decided to issue 750 million Euros in order to start the process of financial stability for the whole union (Mckee 524). Over time, the union learned that that the amount of money was not enough in order to help each countries’ individual financial crisis. As of now, the union has to increase the amount of money they are feeding to countries in hopes of fixing the economic issues. The continuing issue with the European Union’s economic plans is finding the money to keep funding countries with low economic growth. Furthermore, the union also has to figure out how to deal with the issues that are outside of the European Union’s borders. In

When identifying the presence of a democratic deficit in the European Union, it is important to consider a range of factors, including international treaties and the effect they had on its structured governmental framework. One of the first official agreements established by the European Union (formerly

The democratic deficit is a theory developed by scholars in order to illustrate that the European Union and its institutional bodies suffer from a lack of democracy (Wincott, 1998, p. 414). However, there are many definitions of the democratic deficit (Chryssochoou, 2000; Justice, 1996; Warleigh, 2003; Weiler, Haltern & Mayer, 1995) depending on the views and approaches of each scholar. Joseph Weiler's ‘standard version' of the democratic deficit is one of the most common definitions and it is a set of widely-used arguments by academics, scholars and the media (Weiler et al., 1995, cited by Follesdal & Hix, 2005, p. 4). It consists of five claims that explain why the EU can be called undemocratic and they are the following: a) there is an

A Democratic Deficit in the EU The question over the legitimacy of the EU has been a nearly continuous debate and many commentators appear to agree that the EU suffers from a severe ‘democratic deficit’. There are many reasons why this perception is so widespread. As a multinational body it lacks the grounding in common history and culture upon which most individual polities can draw.

Recession is a term that looms over any society at some point or another but what does recession mean for the economy, in short it is an economic decline. This essay will examine the meaning of recession and will discuss the fiscal and monetary policies that are used to pull economies out of recessions. The great Recession of 2008 will shed light on how these policies were successful at restoring economic growth and reducing unemployment.

In this assignment I will be assessing the democratic accountability of the European Union. I will begin by briefly describing the institutions, their functions, compositions and discuss how they work as check and balance system to ensure democratic accountability further to look on to how laws are made and what they are In order to establish whether or not the EU is in fact answerable to its citizens.

The ruling elites are getting richer at the cost to the citizens. Shut up and Take It confines the conversation between the top and bottom. The Elite shouts imposing austerity to member countries. The elites are masterful, and reduced the population to nothing and nobody in the streets. In addition, they are authoritative at using cheap stories to swindle the masses. Stories of honor to be a member adding special events to disguise true intend. The elite had to create chaos for states, and as a result capitulated believing a better life in the Euro Zone. Militaries from members were often used to conquer and divide. Globalization falsely disguised under a canopy of hope and freedom; instead the elites' bankrupt countries having great debt taking out more

The European Union (EU) is fundamentally democratic and is evident through its institutions, however, the current democratic electoral structure is of great concern. The EU is a new type of political system, often referred to as a sui generis, implying its uniqueness as there exists and a non comparable political body. The EU can neither regarded as a ‘state’ nor as an ‘international institution’ as it combines supranational as well as intergovernmental characteristics (Hix, 1999, p7). In this regard it has developed its own understandings of what democracy is. It is evident that the development of and spread of democracy is a central concept and foundation to all politics within the EU, and remains focuses on makings its governing

Monetary policy, which is usually managed by a central governing financial body, has become very out of focus in the EU. This power was once held by governing bodies in each individual country, thus allowing for them to make changes that helped their country and citizens the best. This apparatus once allowed a buffer to radical changes in the national economy and national disasters; which was taken away as the European Central Bank (ECB) became the single body that governs the monetary policy and action plans of the EU (Wypolsz, pg. 239). The ECB now has to consider all of the sovereign bodies within the EU and the power of the euro as a whole, not trying to combat supply issues in Italy that affect their real GDP or the disasters in London that might have led to a decline in expenditures by citizens. Looking at Graph 1 we can see the sporadic spread of government bonds in the different countries within the EU. The graph shows the instability of the Euro because the government bonds of each state fluctuated when Italy was rumored to be leaving the EU, to return to their economy. This shows that the monetary policy actions of the ECB cannot really benefit all of the EU equally. It has been noted that France and Germany have flourished best under the euro, which is where the ECB and other bodies of the euro exist (Sheridan). Sheridan

To recapitulate, this paper attempts to analyze the neoliberalist economic policies since 1989-2008 in the US. One thing interesting is that regardless of the Presidents’ political affiliation, neoliberalism has been playing a weighty role in the making of American economic policy because it has brought about some benefits to the US economic advancement. Still, however popular the ideology is, problems, such as economic recession and inequality, derive from these policies have also been more ubiquitous. Therefore, the US government may need to contemplate if closely abide by neoliberalism would be beneficial to the country in the long term. Perhaps, only the history can tell the truth.

By the end of 2008, the European Union began experiencing rippling effects of the United States financial crisis. Several member countries, most notably on the southern end of the continent, faced high levels of debt and unemployment. Portugal, Iceland, Ireland, Greece, and Spain, derogatively referred to as “PIIGS,” required extensive economic support from the EU in order to repay government debts and bail-out private banks. Disbursal of aid in 2010 proved successful in promoting economic recovery in some countries; however, the vast majority observed only slight economic improvement which led to doubts regarding the effectiveness of the harsh austerity measures implemented. Ireland has most clearly benefited from the financial support of the European Union as the country’s unemployment rate has dropped below ten percent and is expected to witness 4.5% GDP growth in 2016. Portugal, on the other hand, shows little fiscal improvement as evident in an unemployment rate of 13% and an expected GDP growth of only 1.6% in 2016. Although both countries faced tough financial crises in 2010, Ireland has notably outperformed Portugal in resolving the situation. The weak economy in Portugal, as well as continued fiscal hardship in the remaining “PIGS” countries, threaten the preservation of the European Union as financial inequality between the members persists.

In 1999, ten European nations joined together to create an economic and monetary union known as the Eurozone. Countries, such as Germany, have thrived with the euro but nations, like Greece, have deteriorated since its adoption of the euro in 2001. The Eurozone was created in 1999 and currently consists of eighteen European nations united under the European Central Bank and all use the euro. The Eurozone has a one point six percent inflation rate and an eleven point six percent unemployment rate in 2014. Greece joined the Eurozone in 2001 and was the poorest European Union member at the time with a two point six percent inflation rate3 (James, 2000). Greece had a long economic history before joining the Eurozone. The economy flourished from 1960 to 1970 with low inflation and modernization and industrialization occurring. The market crash in the late 1970’s led Greece into a state of recession that the nation is still struggling with. Military failures, the PASOK party and the introduction of the euro have further tarnished Greece’s economic stability. The nation struggles with lack of competitiveness, high deficit, and inflation. Greece has many options like bailouts, rescue packages, and PPP to help dig it out of this recession. The best option is to abandon the Eurozone and go back to the drachma. Greece’s inflation and deficit are increasing more and more and loans and bailouts have not worked in the past. Leaving the Eurozone will allow Greece to restructure and rebuild

To explain a little more about the history of introducing the euro, throughout the 1960s on to the 1980s the EEC helped break down cultural barriers between European countries. This resulted in a “boom”, and people form the Western Countries became richer than ever

In 1999 seventeen countries in the European Union adopted the Euro forming a Euro Area. With the adoption of the Euro these seventeen countries discontinued their old currencies and monetary policies. Monetary Policies

Willy Brandt once remarked:” Western Europe has only 20 or 30 more years of democracy left in it; after that it will slide under the surrounding sea of dictatorship” (Crozier, Huntington, Watanuki, 1973, 2). It would seem that democratic governments have become increasingly unable of facing “the challenges of the modern world”. Specifically, democratic European governments have become increasingly incapable to adequately represent the interests of the governed, while economic growth has also produced forces within nations that could potentially lead to the potential “regression”(Crozier, 1973, 49-50) of European states from democracy into tyranny (Crozier, 1973, 49-50).