Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland

C.J. Polychroniou

Economics Policy Note Archive from Levy Economics Institute

Abstract: We live in a terrifying world of policymaking-an age of free-market dogmatism where the economic ideology is fundamentally flawed. Europe's political leadership has applied neo-Hooverian (scorched-earth) policies that are shrinking economies and producing social misery as a result of massive unemployment. Large-scale government intervention is critical in reviving an economy, but the current public-policy mania, which imposes fiscal tightening in the midst of recession, can only lead to catastrophic failure. The bailouts, for example, do not solve Greece's debt crisis but simply postpone an official default. What is needed is a political and economic revolution that includes a return to Keynesian measures and a new institutional architecture-a United States of Europe.

Date: 2012-03
New Economics Papers: this item is included in nep-eec and nep-pke
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