Society and Economy
Volume/Issue:
Volume 34: Issue 4
Question marks over the west: Western world in decline — and still (largely) in denial
Author:
Jan Winiecki

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Pages:
521–547
Online Publication Date:
05 Dec 2012
Publication Date:
01 Dec 2012
Article Category:
Research Article
DOI:
https://doi.org/10.1556/socec.34.2012.4.1
Keywords:
institutional change; welfare state problems; public expenditures to GDP ratio as a barrier to economic growth; learned helplessness syndrome; F50
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The main thesis of the article is that the Eurozone (EMU) crisis is not the main problem of Europe, or the West, but the long-term decline in economic growth. Institutional and policy distortions of the EMU only accelerated the day of reckoning, when the inevitable cuts to the oversized public (mostly welfare) expenditures will have to made. They will be even more necessary given demographic changes. The process of adjustment has encountered a lot of political and social resistance that is going to increase further in the years to come. These difficulties stem largely from the psychological consequences of the prolonged lack of linkages between efforts and results in the welfare state as perceived by its beneficiaries. The resulting learned helplessness syndrome makes it very difficult to proceed with the necessary downward adjustment — an absolute “must” if the West is going to reaccelerate economic growth and come out of the present quagmire relatively unscathed. The economic future of the West thus raises many question marks.

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Society and Economy
Print ISSN:
1588-9726
Online ISSN:
1588-970X

Editor-in-chief: Balázs SZENT-IVÁNYI

Co-Editors:

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  • István KÓNYA (Corvinus University, Budapest)
  • László SAJTOS (The University of Auckland)
  • Gábor VIRÁG (University of Toronto)

Associate Editors:

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  • Sándor BOZÓKI (Corvinus University Budapest)
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Society and Economy
Language English
Size B5
Year of
Foundation		 1972
Volumes
per Year		 1
Issues
per Year		 4
Founder Budapesti Corvinus Egyetem
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ISSN 1588-9726 (Print)
ISSN 1588-970X (Online)

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