Abstract

MUSACCHIO, Andrés. Adjustment: Origin of the European Crisis. Prob. Des [online]. 2013, vol.44, n.173, pp.79-104. ISSN 0301-7036.

The goal of this work is to analyze the impact on the European Union of institutional transformations to the adjustment policies of the nation states since the 1980s in the face of external shocks or internal problems. The loss of instruments of economic policy focused adjustments on the labor market and social security, driving regressive income distribution, the partial dismantling of the welfare state and precarious employment. These tendencies were reinforced with the need to retain or attract investment in a context of strong economic competition due to location, which fostered capital "friendly" policies at the expense of labor standards and income distribution. These issues have largely contributed to the combination of debt and stagnation, which are at the root of the current crisis.

Keywords : European Union; labor market; income distribution; crisis; neoliberalism.

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