The European Social Market Model in Crisis: At a Crossroads or at the End of the Road?
AbstractThe European Union (EU) can be regarded as one economic region and this way its competitiveness can be defined and examined. However, there are huge tensions within the European region that raise questions about whether there exists a European economic region and thus “European competitiveness” at all. Unlike some of its largest competitors, Europe still has not overcome the financial and economic crisis that burst out in 2008. In fact, Europe is now struggling with its own crisis, being rather a new chapter than the natural continuation of the global processes. The whole story of the European integration has been the story of economic and social cohesion. In this respect, there does exist a European social market model. But there is a huge dilemma related to this model that has to be faced: on one hand, high European social standards can only be met if competitiveness is maintained but, on the other hand, these expectations on behalf of European societies appear as a mere disadvantage in cost-competitiveness in the global arena. The issue is complex and calls for balanced and sophisticated thinking. In this sense, European competitiveness is the competitiveness of the whole European social market model—highly challenged these days.
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Bibliographic InfoArticle provided by MDPI, Open Access Journal in its journal Social Sciences.
Volume (Year): 2 (2013)
Issue (Month): 3 (July)
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European integration; Eurozone; competitiveness; crisis; economic and social cohesion;
Find related papers by JEL classification:
- A - General Economics and Teaching
- B - Schools of Economic Thought and Methodology
- N - Economic History
- P - Economic Systems
- Y80 - Miscellaneous Categories - - Related Disciplines - - - Related Disciplines
- Z00 - Other Special Topics - - General - - - General
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- Francesco Ricci & Marios Zachariadis, 2008. "Longevity and Education: A Macroeconomic Perspective," University of Cyprus Working Papers in Economics, University of Cyprus Department of Economics 1-2008, University of Cyprus Department of Economics.
- Marcell Zoltán Végh, 2014. "Has Austerity Succeeded in Ameliorating the Economic Climate? The Cases of Ireland, Cyprus and Greece," Social Sciences, MDPI, Open Access Journal, MDPI, Open Access Journal, vol. 3(2), pages 288-307, June.
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