Deconstructing the Profligacy Myth Using Critical Theory and Social Constructivism: The Case of Greece and Its Wider Socio-economic and Political
Deconstructing the Profligacy Myth Using Critical Theory and Social Constructivism: The Case of Greece and Its Wider Socio-economic and Political

Summary/Abstract: This article is aimed at deconstructing the widely spread view according to many media outlets, policy analysts and commentators that the Greek crisis and the subsequent eurocrisis is the result of generous social welfare benefits and fiscal spending irresponsibility on the part of Greek politicians and citizens. The lesson to be drawn from this analysis is multifold. In attempting to do so, I will use critical theory of international relations in order to dissect the very structure of the EMU which inevitably led to the build-up of trade and fiscal imbalances in the EU’s periphery as a first theoretical line of argumentation in contesting this view. The second theoretical line of argumentation focuses on social constructivism and its credentials in dealing with the underlying issue of “Greek profligacy”. The diffusion of conservative attitudes regarding social welfare is put into the broader context of “new constitutionalism” and neoliberal politics. The application of both theories is aimed at identifying basic culprits which brought about the deadly mix of European banking crisis and sovereign debt crisis, and thereby points to a necessary change in policy stance toward “PIIGS” countries and the very foundation of the EMU.

• Details
• Contents