The Euro System as a Laboratory for Neoliberalism: The Case of Spain

Fernando López‐Castellano and Fernando García‐Quero

American Journal of Economics and Sociology, 2019, vol. 78, issue 1, 167-193

Abstract: Since the 1970s, neoliberalism has evolved from ideology to political agenda, from political program to public policy, and from public policy to a system that replaces democratic control over economic policy with a system of elite economic management. This process of change has been possible due to the endorsement of a meta‐political theory that destroys democracy and legitimizes technocratic despotism, financial deregulation, the debasement of labor into a new proletariat, and the purging of constitutional politics. In this article, we analyze this profound transformation of social and legal relations in the “euro system” and, specifically, in the regressive policies that have emerged from the “crisis” in Spain, a peripheral country of the European Union. The problems in contemporary Europe are a direct consequence of the neoliberal version of European economic unity. Their solution will depend on the capacity of the member states to create a social Europe that strengthens institutional democracy and develops universal systems of social protection. This, in turn, will depend on the ability of citizens to remodel state institutions in accordance with new social goals that place life at the center.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ajecsc:v:78:y:2019:i:1:p:167-193

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