Skip to main content

Economic Policy Ought to Be Inextricably Linked to Social Policy

‘For our part, we are opposed to everlasting austerity as means for fiscal rebalancing on both pragmatic and ideological grounds. We consider democracy to be of inalienable political and cultural value. And for this reason we refuse to place it on the markets’ Procrustean bed. The subjugation of democratic process to the markets was the reason we have the crisis today and the cause of its perpetual reproduction. Based on such commonsense approaches to reality, and with no need for complex econometric models, we predicted from the outset, well before the IMF admitted to its predictive failures, that austerity-based policies would backfire and would fail by their own criteria and targets, let alone in terms of the interests of the vast majority of the Greek people.

‘For us, economic policy ought to be inextricably linked to social policy with a view to look after the social needs of people, of social justice, of intergenerational solidarity and of environmental balance.’


If you like this article, please sign up for Snapshot, Portside's daily summary.

(One summary e-mail a day, you can change anytime, and Portside is always free.)