By Julien Mercille
The ecu financial concern has been ongoing in view that 2008 and whereas austerity has unfold over the continent is has didn't revive economies. The media have performed a massive ideological function in offering the guidelines of monetary and political elites in a beneficial gentle, whether the latter s objective has been to shift the weight of adjustment onto voters.
This e-book explains why, utilizing a serious political financial point of view and targeting the case of eire to attract conclusions usually acceptable to Europe and the USA. all through, eire is in comparison with modern and ancient examples to contextualise the arguments made.
This publication covers the housing bubble that ended in the crash, the rescue of economic associations by means of the nation, the function of the eu Union and overseas financial Fund, austerity, and the potential of leaving the eurozone for Europe s peripheral countries.
Through a scientific research of eire s major newspapers, it truly is argued that the media replicate the perspectives and pursuits of these in energy and downplay substitute rules which could bring about extra revolutionary responses to the crisis."
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Additional resources for The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland
Keynesian ﬁscal and monetary policies were thus used to smooth business cycles and redistribute income to some extent. Government intervention in industrial policy was common as well as in the establishment of standards for the social wage through setting up various welfare systems, as in health care, education and other areas. This set of political economic institutions is sometimes referred to as ‘embedded liberalism’ to denote how a series of political and social regulations constrained market, corporate and entrepreneurial activities.
Finally, better oﬀ segments of the population also beneﬁt from a strong euro, which makes imported luxury goods more aﬀordable and foreign holidays and travel cheaper. 22 Since independence, Ireland’s political system has been dominated by two right-of-centre parties – Fianna Fáil and Fine Gael – which have left little room for progressive alternatives. Indeed, the main cleavage in the political system is not between right and left, but goes back to pro-treaty and antitreaty positions at the time of independence in the 1920s.
Yet, embedded liberalism’s performance was clearly superior to the neoliberal era of the last four decades. Western countries on average saw markedly higher levels of economic growth during the golden age period than during neoliberal years. A range of principles which the current orthodoxy decries as allegedly posing obstacles to growth were in fact associated with much more satisfactory economic performance. Those include redistributive politics such as (limited) political integration of trade unions and support for collective bargaining, controls and limits over the mobility of capital, expansion of government spending and welfare state expenditures, and active government intervention in the economy along with industrial planning.