How Have Austerity Measures Helped Recovery from the Global Financial Crisis
How have austerity measures helped recovery from the Global Financial Crisis?
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Index 1. Introduction 1 2. Comparing with Varieties of Capitalism approach 2 2.1. Industrial relations 2 2.1.1.Ireland 2 2.1.2Iceland 3 2.2. Education and Training systems 3 2.2.1.Ireland 3 2.2.2.Iceland 4 2.3. Financial system and Market for Corporate governance 4 2.3.1.Ireland 4 2.3.2.Iceland 4 2.4. Inter-firm relations 4 2.4.1.Ireland 5 2.4.2. Iceland 5 2.5. Intra-firm relations 6 2.5.1. Ireland 6 2.5.2 Iceland 7 2.6. LME or CME conclusion 7 3. Comparing austerity measures 7 3.1. Ireland 7 3.2. Iceland 8 4. Framing the Issue of Recovery 8 4.1. Ideas as Weapons 9 4.2. Ideas as cognitive locks 10 5. Conclusion 10
1. Introduction
This paper aims to give an insight into the success of austerity as a viable way of recovering from the Global Financial Crisis of 2008. For this purpose I have chosen two countries which appear to be rather similar, the countries are Ireland and Iceland. Both of them are small open countries relying on export. Both countries were hard hit by the Global Financial Crisis in 2008 and therefore seem to be the most logical countries to compare. Their differences seem small, the biggest being that while Ireland is part of the European Union Iceland has so far declined entry, for various reasons. This paper is split into two parts both comparing Ireland and Iceland.
The first part of the paper endeavors to expose both the similarities and differences between the countries. To achieve this I decided to compare the countries with Hall and Soskice’s Varieties of Capitalism. In Part one I compare the two countries institutional complementarities, which will give an idea of how similar the two are, to put a perspective on what factors are at work on the two countries. Part one will be split between the two countries, examining
Signature: __________________________________________________
Index 1. Introduction 1 2. Comparing with Varieties of Capitalism approach 2 2.1. Industrial relations 2 2.1.1.Ireland 2 2.1.2Iceland 3 2.2. Education and Training systems 3 2.2.1.Ireland 3 2.2.2.Iceland 4 2.3. Financial system and Market for Corporate governance 4 2.3.1.Ireland 4 2.3.2.Iceland 4 2.4. Inter-firm relations 4 2.4.1.Ireland 5 2.4.2. Iceland 5 2.5. Intra-firm relations 6 2.5.1. Ireland 6 2.5.2 Iceland 7 2.6. LME or CME conclusion 7 3. Comparing austerity measures 7 3.1. Ireland 7 3.2. Iceland 8 4. Framing the Issue of Recovery 8 4.1. Ideas as Weapons 9 4.2. Ideas as cognitive locks 10 5. Conclusion 10
1. Introduction
This paper aims to give an insight into the success of austerity as a viable way of recovering from the Global Financial Crisis of 2008. For this purpose I have chosen two countries which appear to be rather similar, the countries are Ireland and Iceland. Both of them are small open countries relying on export. Both countries were hard hit by the Global Financial Crisis in 2008 and therefore seem to be the most logical countries to compare. Their differences seem small, the biggest being that while Ireland is part of the European Union Iceland has so far declined entry, for various reasons. This paper is split into two parts both comparing Ireland and Iceland.
The first part of the paper endeavors to expose both the similarities and differences between the countries. To achieve this I decided to compare the countries with Hall and Soskice’s Varieties of Capitalism. In Part one I compare the two countries institutional complementarities, which will give an idea of how similar the two are, to put a perspective on what factors are at work on the two countries. Part one will be split between the two countries, examining