The crisis laid bare the historical divergences within Europe, and led to a European crisis and a new stage in the global crisis. The existing policies in Europe has three fundamental flaws: First, they assume that the problem is a lack of fiscal discipline and repeats the old faith in strengthening the surveillance of budget deficits; it does not question the reasons behind the deficits; it ignores all the structural problems regarding divergence in productivity, and imbalances in current accounts due to the “beggar my neighbour” policies of Germany. Second, they are based on the argument that Europe has a sovereign debt crisis, which ignores the fact that public debt would not have increased at the current rates if it were not for the financial crisis, which was prevented by unprecedented bank rescue packages; which in turn increased the budget deficits along with loss in tax revenues and increased social spending because of the crisis. Third, they deny the underlying reason behind the current crisis, which was increased inequality in the distribution of income and wealth –a fundamental feature of neoliberal capitalism. - IV435 - April 2011 / Economy, Economic crisis, Debt

We are in a new episode of the global crisis: the struggle to distribute the costs of the crisis. This crisis has been an outcome of increased exploitation and inequality, since the post-1980s across the globe. Neoliberalism tried to solve the crisis of the golden age of capitalism via a major attack on workers. The outcome was a dramatic decline in worker's bargaining power and labor's share in income across the globe in the post-1980s. - IV424 - May 2010 / Greece, Economy

We are in a new episode of the global crisis: the struggle to distribute the costs of the crisis. This crisis has been an outcome of increased exploitation and inequality, since the post-1980s across the globe. Neoliberalism tried to solve the crisis of the golden age of capitalism via a major attack on workers. The outcome was a dramatic decline in worker's bargaining power and labor's share in income across the globe in the post-1980s. - IV423 - April 2010 / Greece, Economy

This article is based on the report given at the IIRE Economists' seminar in October 2009. It examines European Union policy response to the crisis. - Economic crisis / Europe, Economy, Economic crisis