The Debt Crisis and European Democratic Legitimacy

Huw Macartney examines the conflicting movements gripping Europe. He explains why 'more Europe and less democracy' seems to be the order of the day. He argues that state managers responses reflect a long-term disquiet about the economic consequences of democracy. Through a critical engagement with ordo-liberal and neo-liberal intellectual traditions, Macartney explains why participation and consent have given way to coercion and depoliticisation. Financial speculation and growing social unrest have thus fuelled attempts to further mystify the political character of economic policymaking. This comes at precisely the time when the everyday life of European citizens is most affected by the decisions of political classes at the heart of Europe. There are strong reasons to believe though that the kind of violent outbreaks in Greece and elsewhere point to the limitations of this authoritarian, undemocratic governing strategy. The end-result could prove devastating for Europe.

Huw Macartney is Lecturer in Comparative Political Economy at the University of Manchester, UK, where he formerly held a Hallsworth Fellowship in Political Economy. His research focuses on the politics of finance and banking and has been published in Review of International Studies, British Journal of Politics and International Relations, Political Quarterly amongst others.

Introduction
1. The Free Market and Democracy
2. From Restructuring to Debt Crisis
3. From Debt to Depoliticisation
4. From Depoliticisation to Resistance
Conclusion