Title: Democracy at risk? The European Union, its Economic and Monetary Union, and the special case of Greek austerity (a position paper)
Authors: Shalin Hai-Jew
Addresses: 212 Hale Library, iTAC, Kansas State University, Manhattan, KS 66506-1200, USA
Abstract: The economic pressures of a global downturn, a lack of sovereign government budget balancing and excessive debt, severe austerity measures, and deep social tensions have riven the European Union (EU) and put into doubt the survivability of the Economic and Monetary Union (EMU) in its current state or in any state. The so-called 'sovereign debt crisis' in Europe has brought to the fore the real risks of 'black swan' political and economic events. Some theorists have even suggested a risk to the continent's democratic institutions and stability. This article explores some of these issues through an analysis of the structures of the EU and EMU and the 'special case' of Greek austerity; this offers a synthesised systems theory, game theory, and social network analysis (SNA) abstraction of the macro political, economic, and social systems at work in order to highlight some of the 'black swan' risk potential of an endgame.
Keywords: sovereign debt crisis; European Union; EU; Economic and Monetary Union; EMU; euro zone; democracy; Greek austerity; Greece; economic crisis; financial crisis; economic downturn; synthesised systems theory; game theory; social network analysis; SNA; political stability; economic stability; social stability.
International Journal of Human Rights and Constitutional Studies, 2013 Vol.1 No.1, pp.50 - 80
Received: 31 Dec 2012
Accepted: 31 Dec 2012
Published online: 15 Mar 2013 *