The Greek Debt Crisis and Southern Europe: Majoritarian Pitfalls?

Although widely debated in broader socioeconomic terms, the Eurozone crisis has not received adequate scholarly attention with regards to the impact of alternative political systems. This article revisits the debate on majoritarian and consensus democracies drawing on recent evidence from the Eurozone debacle. Greece is particularly interesting both with regards to its potential ‘global spillover effects’ and choice of political system. Despite facing comparable challenges as Portugal and Spain, the country has become polarized socially and politically, seeing a record number of MP defections, electoral volatility and the rise of the militant extreme right. The article explains why Greece, the country that relied most extensively on majoritarian institutions, entered the global financial crisis in the most vulnerable position while subsequently faced insurmountable political and institutional obstacles in its management. The article points to the paradox of majoritarianism: in times of economic stress, the first ‘casualties’ are its strongest elements – centrist parties (bi-partisanship) and cabinet stability.

Crisis Cartels:Non-Economic Values, the Public Interest and Institutional Considerations

This paper considers the use of non-economic considerations in Article 101(3) analysis of industrial restructuring agreements, using the Commission's Decisions in Synthetic Fibres, Stichting Baksteen, and the recent UK Dairy Initiative as examples. I argue that contra to the Commission's recent economics-based approach; there is room for non-economic considerations to be taken into account within the framework of the European Treaties. The competition law issue is whether the provisions of Article 101(3) can save such agreements.
I further argue that there is legal room for non-economic considerations to be considered in evaluating these restructuring agreements, it is not clear who the appropriate arbiter of these considerations should be given the institutional limitations of courts (which have no democratic mandate), specialised competition agencies (which may be too technocratic in focus) and legislatures (which are susceptible to capture by rent-seeking interest groups).

Italy's got talent. How Italian leading companies in confectionery industry overcame the crisis

The crisis that spread worldwide since 2007 started from the financial sector and ended to affect also real economy. This process has attracted the attention of many scholars seeking to study its causes and impacts. Notwithstanding many works on this topic, the impact of the crisis on specific industries is still rather unexplored. The present work seeks to address this issue by analyzing the confectionery industry, with particular emphasis for Italian market leaders, Ferrero S.p.A. and Perfetti Van Melle S.r.l.. The aim of the study is to assess if they have been successful in tackling the crisis, keeping a satisfactory level of profitability associated to a good financial health notwithstanding ongoing difficulties. Moreover, we seek to analyze the strategies the companies employed to survive the crisis. The concern of the paper is both quantitative and qualitative. Thus, we calculated a complete set of indicators using a specific methodology for financial statement analysis which has been conceived especially for studying Italian firms; these data have been integrated with other information retrieved from the annual reports of the companies (especially the notes to the accounts and the directors’ report). The analysis highlights that both the firms benefit from a good financial health, with Perfetti Van Melle presenting a large amount of liquidity. On the contrary, liquidity should be the main concern of Ferrero because of an excessive reliance on current liabilities. Both the firms have a good level of profitability, even if Perfetti Van Melle’s one is decreasing. The key-strategies for the success of these firms are ongoing investments in state-of-the-art plant and machinery, an increasing use of equity as the main source of funding, along with huge investments in research and advertising.

Recessionary Bundles: HR Practices in the Irish Economic Crisis

The HR practices adopted by firms in response to the current deep and prolonged recession have received little attention in the literature. There are reasons for supposing that firms will adopt HR practices in bundles in responding to the recession in order to benefit from technical and behavioural complementarities. Drawing on a nationally representative survey, the article investigates the bundles of HR practices adopted by firms during the Irish recession and examines influences on the bundles that are evident. The article contributes to HRM theory by testing different views on HR bundles likely to be adopted in recessionary conditions and by moving beyond the prevailing focus in HRM on HR bundles adopted by firms in steady-state business conditions.

Varieties of Economic Crisis, Varieties of Ideational Change: How and Why Macroeconomic Policy and Financial Regulation Differ

One of the principal tasks facing post-crash academic political economy is to analyse patterns of ideational change and the conditions that produce such change. What has been missing from the existing literature on ideational change at times of crises however, is a sense of how processes of persuasive struggle, and how the success of those ‘norm entrepreneurs’ arguing for ideational change is shaped by two contextual variables: the most immediate material symptoms and problems that a crisis displays (the variety of crisis); and the institutional character of the policy subsystem that agents have to operate within to affect change. Introducing these two variables into our accounts of persuasive struggle and ideational change enables us to deepen our understanding of the dynamics of ideational change at times of crisis. The article identifies that a quite rapid and radical intellectual change has been evident in the field of financial regulation in the form of an embrace of a macroprudential frame. In contrast in the field of macroeconomic policy - both monetary and fiscal policy, many pre-crash beliefs remain prominent, there is evidence of ideational stickiness and inertia, and despite some policy experimentation, overarching policy frameworks and their rationales have not been overhauled. The article applies Peter Hall’s framework of three orders of policy changes to help illuminate and explain the variation in patterns of change in the fields of financial regulation and macroeconomic policy since the financial crash of 2008. The different patterns of ideational change in macroeconomic policy and financial regulation in the post-crash period can be explained by timing and variety of crisis; sequencing of policy change; and institutional political differences between micro policy sub systems and macro policy systems.

Olga Shevchenko Crisis and the Everyday in Postsocialist

Taking Moscow as her research ground, the author develops a conceptual understanding of the relationship between social crisis and the everyday, which lies at the heart of this study. The central theme here is the prevalence of the 'total crisis' framework, a concept which defined the postsocialist experience for the Russians. Shevchenko argues that at its basis was the experience of economic uncertainty, social dislocations, and downward occupational mobility.

A thoughtful, innovative and thought-provoking study, this book gives important insights into what proved to be one of the most dramatic episodes in Russia's recent history. It also provides an important basis for our understanding of the subsequent epoch. In particular, it helps to explain the phenomenal popularity of Vladimir Putin, who built his image on the antithesis to the 'lawless 1990s'. This book is an invaluable contribution to the study of contemporary Russia, with its multiple paradoxes and contradictions.

The European Union: Emerging from Crisis?

The Eurozone turmoil might have calmed, but the EU is still trying to free itself from a crisis that has had a dramatic impact on citizens’ economic and social well-being and raised serious questions about the union's future. David Phinnemore reports.

The EU economic and social model in the global crisis: Interdisciplinary perspectives:Interdisciplinary perspectives

This book addresses the viability of the EU economic and social model within and after the global economic crisis. It identifies four key issues which warrant further discussion: (1) the asymmetry of the legal and policy framework of the euro and potential recalibration; (2) substantive tensions between the EU 'economic constitution' and its normative aim of social justice and impacts on national policy; (3) the role of civil society, including the two sides of industry in overcoming these tensions and (4) the EU's global aspirations towards the creation of a viable socio-economic model. Its chapters offer two perspectives on each of the four main issues. In drawing these debates together, the book provides a broad understanding as well as starting points for future research. Bringing together different disciplinary approaches, ranging from legal studies to political economy, sociology and macroeconomics, it is a valuable contribution to the debate on the European social model and introduces new insights by focusing on legal and political tensions, the impact of the financial crisis and other economic contexts as well as global dimensions. 

The EU Constitution of Social Governance in an Economic Crisis: in Defence of a Transnational Dimension to Social Europe

Conventional wisdom has it that the EU is unable to promote viable social integration, which contrasts with its commitments to improving working and living conditions and to social values and goals such as solidarity, social protection and social inclusion. This
article challenges two diff erent standpoints: on the one hand, competitive neoliberalism demands that the EU focuses on economic integration through legally binding internal market and competition rules even if Member States can only maintain a limited commitment to social inclusion, while authors defending the social models unique to the continent of Europe demand that the EU rescinds some of its established legal principles in order to make breathing space for Member States to maintain market correcting social policies. Both positions convene that there should be no genuine social policy at EU level.
This article uses scenarios of widely discussed rulings by the Court of Justice to illustrate that legally enforceable economic integration would prevent most Member States from achieving sustainable health services, labour relations and free university education on the basis of national closure. Since the EU has limited legislative competences to create EU level institutions to balance inequalities, it derives a Constitution of Social Governance from the EU’s values, proposing that the Court of Justice develops its urisprudence into an instrument for challenging European disunion induced by new EU economic governance