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Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland

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  • C.J. Polychroniou
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    Abstract

    We live in a terrifying world of policymaking-an age of free-market dogmatism where the economic ideology is fundamentally flawed. Europe's political leadership has applied neo-Hooverian (scorched-earth) policies that are shrinking economies and producing social misery as a result of massive unemployment. Large-scale government intervention is critical in reviving an economy, but the current public-policy mania, which imposes fiscal tightening in the midst of recession, can only lead to catastrophic failure. The bailouts, for example, do not solve Greece's debt crisis but simply postpone an official default. What is needed is a political and economic revolution that includes a return to Keynesian measures and a new institutional architecture-a United States of Europe.

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    Paper provided by Levy Economics Institute in its series Economics Policy Note Archive with number 12-01.

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    Date of creation: Mar 2012
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    Handle: RePEc:lev:levypn:12-01

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    1. Mark Weisbrot & Rebecca Ray & Juan Montecino & Sara Kozameh, 2011. "The Argentine Success Story and its Implications," CEPR Reports and Issue Briefs 2011-21, Center for Economic and Policy Research (CEPR).
    2. Andini, Corrado & Cabral, Ricardo, 2012. "Further Austerity and Wage Cuts Will Worsen the Euro Crisis," IZA Policy Papers 37, Institute for the Study of Labor (IZA).
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