By Andreas Bieler
On January 1 1995, Austria and Sweden joined the eu Union (EU). This ebook analyzes why those international locations joined at this sort of second while actually the EU's improvement in the direction of neo-liberal financial coverage - embodied within the inner industry and covergence standards of the industrial and financial Union - endangered the conventional Keynesian fiscal coverage making, and at a time whilst the stairs in the direction of a typical international and safeguard coverage threatened their neutrality.
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Additional resources for Globalisation and Enlargement of the European Union: Austrian and Swedish Social Forces in the Struggle over Membership
Additionally, Marin makes clear that the success of corporatism depended on its correspondence to the underlying socio-economic structure. The nationalised industry allowed for a certain governmental control of the means of production, and the absence of a powerful financial and industrial bourgeoisie further added 30 Globalisation and the EU to the balance of power between capital and labour (Marin 1985:121–2). Austrian corporatism comes very close to Lehmbruch’s ideal type definition. As for the first dimension, the four main interest associations, the social partners, comprising the Chamber of Labour (AK), the Chamber of Commerce (BWK), the Chamber of Agriculture (LK) and the Austrian Federation of Trade Unions (ÖGB), are co-opted into governmental decision-making through the key institution Parity Commission.
While Austria chose to adopt a hard currency policy, the regulation of national financial markets allowed Sweden to pursue its policy of full employment via repeated devaluations. In 1977, it left the ‘Snake’, a predecessor of the European Monetary System (EMS), and 32 Globalisation and the EU devalued the Swedish Krona (SKr) by 10 per cent the following day, having already devalued in April 1977 by 6 per cent. Another devaluation of 10 per cent followed on 14 September 1981 (Moses 1995:413–19).
Second, the restraint of wage and price increases was achieved within the corporatist system of Economic and 28 Globalisation and the EU Social Partnership (ESP) (see p. 29). Third, the large publicly owned companies were expected to conform to government policy. They were export-oriented, but subsidies were used to ensure full employment. 6 The exposure of industrial sectors to international competition was further counterbalanced by a large sheltered sector encompassing areas such as agriculture and the food processing industry.