The debate that rages around the concept of austerity, specifically in Europe, lacks context. This paper strives to show that successful reforms are 1) pragmatic in their nature, 2) piecemeal in ideology, 3) mandated by supranational institutions that disregard national sovereignty, 4) unattainable prior to the crisis and 5) long-term in their timeframe. Reforms have had beneficial implications above and beyond fiscal austerity. In the case studies of Ireland, Spain and Greece, the reforms instituted are laid out and evaluated. In each case, reforms achieved a different outcome but allow one to see the merits of well-regulated free market capitalism. When reform is appreciated, the legacy of the European and Troika response to the crisis becomes more appropriate.
| Identifer | oai:union.ndltd.org:CLAREMONT/oai:scholarship.claremont.edu:cmc_theses-2442 |
| Date | 01 January 2016 |
| Creators | Teece, Austin D |
| Publisher | Scholarship @ Claremont |
| Source Sets | Claremont Colleges |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | CMC Senior Theses |
| Rights | © 2016 Austin D. Teece, default |
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