Economic Crises as Sicknesses and Catastrophes

to read the articles by Stephan Puehringer, Matthias Schnetzer and Patrick Schreiner, click on

The 2008 financial crisis is often wrongly described as a “state debt crisis” where cause and effect are inverted and economists and the market are released from responsibility. The Austrian economist Stephan Puehringer shows how sickness and catastrophe metaphors dominate discussion. The “patient Germany” has a “serious infection” or the German economy has been “infected.” The “American crisis” is described as an “economic Tsunami.”

How perverse that the social state is dismantled and workers and the unemployed are blamed for systemic/ structural breakdown! When the neoliberal medicine – wage cuts, CEO bonuses, tax subsidies and deregulation – fail, the only cry is often for more neoliberal medicine!

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