Abstract
This article investigates the effects of the Troika’s „structural reforms“ on the Greek economy. Measures aiming at wage cuts lead to a collapse of aggregate demand, deepening the slump. The empirical evidence stands in contradiction to the dominant view on the causes of why the crisis has been so damaging. A continuation of “structural reforms”, which are supposed to bring about further cuts in social expenditures and more labor market deregulation, stands in the way of ending the Greek crisis.
| Translated title of the contribution | 'Structural reforms' and wage cuts in Greece: Expectations, results and consequences |
|---|---|
| Original language | German (Austria) |
| Pages (from-to) | 104-121 |
| Number of pages | 17 |
| Journal | WISO - Wirtschafts- und sozialpolitische Zeitschrift |
| Volume | 38 |
| Issue number | 3 |
| Publication status | Published - Sept 2015 |
Fields of science
- 502 Economics
- 502049 Economic history
- 504027 Special sociology
- 502027 Political economy
- 506013 Political theory
JKU Focus areas
- Social Systems, Markets and Welfare States