This article analyzes neoliberal articulations of the economic crisis in Greece, as they appear at the Ekathimerini daily. Neoliberalism is primarily understood as the ideology organizing the political strategies of late capitalist production. The analysis focuses on the ways the capitalist crisis is presented in the context of Greece, as well as the ways that socio-political opposition to neoliberal reforms are addressed. Ekathimerini reproduces the hegemonic explanations of the crisis that view the crisis as a national and moral problem rather (...) than a global and systemic one. The analysis draws concepts from both discourse theory and critical theory. Discourse theory analyzes the neoliberal discourse organizing the political interventions for the reproduction of capitalism in the crisis-context, while political economy critiques the materiality of the capitalist process, which itself is based on discourses and political interventions. The article concludes that Ekathimerini's crisis-coverage contributes to the form of social engineering organized by neoliberal policies in Greece, in order to produce the political and social norms for a post-crisis configuration of capitalism. (shrink)

This paper analyses the myth of the Blitz spirit in British newspaper discourses of the City and economy after the London bombings on 7 July 2005. The Blitz spirit is a popular story of Britain during the Second World War, uniting together with defiance and resilience to overcome the threat of invasion from Nazi Germany. Through Barthes’ model of myth, this paper discusses the myth of the Blitz spirit in memories of wartime London. A critical discourse analysis then explores the (...) ideological impact of Blitz spirit discourses in hyperbolised coverage of City traders and the economy in 2005. I argue that the ideological complexities of Western economics and the free market were suppressed by a myth that sought to bind social classes together through evocations of British, wartime solidarity and defiance. But, this paper also argues that Blitz spirit evocations among City traders were contradicted by discourses that discussed British citizens as consumers through anxieties about the economy after the bombings. (shrink)

Selected as a Financial Times Best Book of 2013Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government (...) spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us. (shrink)

_In times of economic crisis austerity becomes a rallying cry, but what does history tell us about its chances for success?_ Austerity is at the center of political debates today. Its defenders praise it as a panacea that will prepare the ground for future growth and stability. Critics insist it will precipitate a vicious cycle of economic decline, possibly leading to political collapse. But the notion that abstinence from consumption brings benefits to states, societies, or individuals is hardly new. This (...) book puts the debates of our own day in perspective by exploring the long history of austerity—a popular idea that lives on despite a track record of dismal failure. Florian Schui shows that arguments in favor of austerity were—and are today—mainly based on moral and political considerations, rather than on economic analysis. Unexpectedly, it is the critics of austerity who have framed their arguments in the language of economics. Schui finds that austerity has failed intellectually and in economic terms _every time_ it has been attempted. He examines thinkers who have influenced our ideas about abstinence from Aristotle through such modern economic thinkers as Smith, Marx, Veblen, Weber, Hayek, and Keynes, as well as the motives behind specific twentieth-century austerity efforts. The persistence of the concept cannot be explained from an economic perspective, Schui concludes, but only from the persuasive appeal of the moral and political ideas linked to it. (shrink)