{"id":3779,"date":"2012-02-16T15:59:44","date_gmt":"2012-02-16T20:59:44","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=3779"},"modified":"2012-02-16T16:05:46","modified_gmt":"2012-02-16T21:05:46","slug":"the-new-european-economic-dogma","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/the-new-european-economic-dogma\/","title":{"rendered":"The New European Economic Dogma"},"content":{"rendered":"<p>If it controlled its own currency, the usual thing for a country like Greece to do in these circumstances would be to devalue.\u00a0 Since it doesn&#8217;t control its own currency, Greece is being &#8220;asked&#8221; to pull off an <em>internal<\/em> devaluation, or as C. J. Polychroniou puts it:<\/p>\n<blockquote><p>Essentially, what they agreed to are additional measures that are specifically designed to reduce the standard of living for the majority of the working population as a means of improving the nation\u2019s competitiveness. Aside from firing civil servants, the new memoranda are all about major private sector wage cuts and an overhaul of labor rights.<\/p><\/blockquote>\n<p>This is from Polychroniou&#8217;s newest one-pager, &#8220;The New European Economic Dogma,&#8221; released yesterday.\u00a0 Polychroniou takes on what he regards as the flawed ideology behind the policies that are being dumped on the Greek people; policies motivated by an ambiguous and, says Polychroniou, toxic conception of &#8220;competitiveness.&#8221;<\/p>\n<p>Read the one-pager <a href=\"http:\/\/www.levyinstitute.org\/pubs\/op_26.pdf\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If it controlled its own currency, the usual thing for a country like Greece to do in these circumstances would be to devalue.\u00a0 Since it doesn&#8217;t control its own currency, Greece is being &#8220;asked&#8221; to pull off an internal devaluation, or as C. J. Polychroniou puts it: Essentially, what they agreed to are additional measures [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,116],"tags":[141,21,219,31,19],"class_list":["post-3779","post","type-post","status-publish","format-standard","hentry","category-eurozone-crisis","category-international-trade","tag-austerity","tag-bailout","tag-competitiveness","tag-eurozone","tag-greece"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/3779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=3779"}],"version-history":[{"count":8,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/3779\/revisions"}],"predecessor-version":[{"id":3786,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/3779\/revisions\/3786"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=3779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=3779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=3779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}