How little the two Eastern European countries that we have focused on can be compared with Western countries can be seen very clearly in the development of unemployment (Graph 1). Following the major crisis of 2008/2009, the unemployment rate in Romania hardly rose at all. In Bulgaria it increased significantly, but despite weak economic development after 2013 it is falling at an astonishing rate, almost to the relatively low Romanian level.
For Romania, this can only mean that unemployment is not recorded as such or that the outflow of labour is so rapid that, despite significant declines in production, the labour force does not register as unemployed at home. In the case of Bulgaria, there have probably been considerable migration effects in recent years, which have ensured that official unemployment has remained within limits.…
The neoliberal solution to unemployment at the national level—emigration to other countries where employment may be available.
Heiner Flassbeck joins Dirk Ehnts in backing MMT in Germany?
flassbeck economics
The economic situation in Bulgaria and Romania – Part 2
Heiner Flassbeck joins Dirk Ehnts in backing MMT in Germany?
flassbeck economics
The economic situation in Bulgaria and Romania – Part 2
Heiner Flassbeck
1 comment:
The neoliberal solution to unemployment at the national level—emigration to other countries where employment may be available. Tom Hickey
Large scale wage slavery is a consequence of injustice, e.g. government privileges for private credit creation whereby, in essence, the public's credit is used for the private gain of the banks themselves and for the most so-called credit worthy, typically the richer at the expense of the poorer.
Thus the MMT "solution" to unemployment, supplementing wage slavery to the private sector with wage slavery to government is no solution at all from the point of view of justice.
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