The Welfare State in Crisis by Philipp Kramp, Grin.com, 2012
Since 2008, the world has held its breath through the financial crisis, the economic crisis, and the euro crisis. The crisis was the defining political theme. “No one should be fooled about the majority will of the population regarding taming wild finance capitalism. The spine of the world economic system could only be bailed out from collapse with taxpayer guarantees. Citizens had to blame themselves for the system failure” (Habermas).
To cushion their high indebtedness, many governments concocted austerity packages and cut social services and tax subsidies. The social state id redefined by the higher state indebtedness.