By the Markets, of the Markets, for the Markets? Technocratic Decision Making and the Hollowing out of Democracy

Staats- und Gesellschaftswissenschaften

Ruser, Alexander

By the Markets, of the Markets, for the Markets? Technocratic Decision Making and the Hollowing out of Democracy

Ruser, Alexander: By the Markets, of the Markets, for the Markets? Technocratic Decision Making and the Hollowing out of Democracy, Global Policy, 2015; Jg. 2015 (6) Suppl. 1: 83-92: http://10.1111/1758-5899.12231.

Originalarbeiten in wissenschaftlichen Fachzeitschriften mit Review-Verfahren

The global financial crisis of 2007 turned into a sovereign debt crisis that placed the economies within the EU in jeop- ardy. Despite hastily decided rescue packages, bailouts and far-reaching reforms of economic governance in the EU the situation still looks grim in some Southern member states. In the course of these rescue attempts technocratic decision making at the European level and within the most crisis-ridden countries became more influential. Instead of rethinking the economic system, political accountability shifted from citizens to markets in order to ‘fix the system’. The knowl- edge base informing political decision making remained largely intact, allowing a dominant, international advocacy coalition to impose reforms deemed ‘necessary’. The price to pay is a decline in trust in elected representatives and the threat to fall back behind even Schumpeterian-style democracies.

http://10.1111/1758-5899.12231

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