...or structural adjustment progammes, familiar to many of the developing world's indebted nations and now coming to a European country near you. As Greece, a country dear to my heart, reels from the financial pages into headline news, its plight highlights the austerity policies now being advocated as a response to the recession. I am not an economist, but I teach history and we are currently discussing the economic crises of the 1930s. This makes me alarmed at the dominance of orthodox economic thinking, with its associated social costs, as the favoured response to continued financial market speculation. These are a few recent pieces worth reading:
Here is Larry Elliott, first on Greece and the European Union, and then on warnings about the future emanating from the Repubic of Ireland, "Ireland's suffering offers a glimpse of Britain's future under the Tories". Helena Smith reports on the mood in Greece itself. Whilst Joseph Stiglitz pleads for support. Finally, an English blogger living in Thessaloniki posts on poverty in Greece in the context of the crisis.