Rattling Europe’s ordoliberal ‘iron cage’: the contestation of austerity in Southern Europe

Abstract

This article explains the popular revolt against austerity in Southern Europe as the outcome of profound politico-economic changes that are shaped by the transformation of the E U EU-economic governance. It comprises three parts. The first part demonstrates how ordoliberalism the Germanic variant of (neo)liberal economic thinking EU-economic governance, in processes that constitutionalise austerity and remove democratic controls over the economy. The second part examines the impact of austerity-driven reforms on welfare and employment in the aftermath of the sovereign debt crisis. These reforms undermined the social reproduction of " E protection: employment security for house and pension adequacy. The third part analyses the emergence of anti-austerity social politics in Southern Europe, both parliamentary and grassroots, and assesses their effectiveness in light of the collapse of public trust in both EU and domestic political institutions. The article EU of ordoliberalism.

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