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E uropean Periphery Crises, International Financial Markets, and Democracy
Author(s) -
GarciaArias Jorge,
FernandezHuerga Eduardo,
Salvador Ana
Publication year - 2013
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12031
Subject(s) - democracy , financial market , politics , financial crisis , economics , financial integration , economic transformation , financial system , political science , economic system , political economy , international economics , finance , macroeconomics , law
This article analyzes the origin and causes of the recent economic and financial crises, mainly for the countries located in the periphery of the E uropean U nion ( EU ), as well as their evolution and transformation into social, political, and institutional crises. After explaining the differential impact of the crises on EU economies, we analyze how the economic policies developed thus far not only are unable to resolve the current crisis pattern but also actually entail a risk to the present democratic models by transferring the legitimate control over governments from citizens and democratic parliaments to unelected, nonrepresentative international financial markets.