Europe Under ‘Austocracy’
Europe’s policies of austerity and ‘adjustment’ have led to a radical decline and crisis in democracy. Where austerity is imposed, democracy is deposed. This we can understand as an emerging ‘Austocracy.’ Looking at news reports, op-eds and quotes from Europe’s political elite over the past year, we see a growing recognition of a deep “crisis of legitimacy” and “democratic deficit” across the EU, while a May of 2013 report from JPMorgan Chase, on the other hand, reported “deep seated problems” in the EU as consisting of having too much democracy, even specifically referencing “the right to protest” as being an impediment to advancing the order of ‘Austocracy.’ Welcome to the New Europe (much like the old Europe).
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