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Implementing the second Memorandum
Costas Simitis

excessive deficit has to be reduced. But there are various ways to cut state expenditure. Reductions in salaries and pensions and increases in taxation are not the only solutions. For example, Greece had the highest military budget across the entire EU, proportionate to population. Defence spending as a proportion of GDP was over one percentage point higher than the European average.21 This needed to be drastically reduced, but it was not. Even as late as April 2012, the Minister of Defence presented the acquisition of 400 tanks from the USA (at no cost) as a major

in The European debt crisis
The Foundation Economy Collective

, the part is taken for the whole. Economists and policymakers have for the past thirty years increasingly focused on the competitive and high-tech part of the economy, and mundane activities have vanished from view. The problems of GDP thinking are well known. National income accounting was developed during the Second World War in the US and UK as part of mobilisation for total war (Re)discovering the foundational 13 so that US policymakers could judge the balance between military and civilian output and the UK policymakers could curb inflation at full employment

in Foundational economy
Abstract only
Joe Earle, Cahal Moran, and Zach Ward-Perkins

Sociological Perspective, London: Routledge, 1999, 14. 35 Mitchell, ‘Fixing the economy’, 86–7. 36 See Mark Guglielmo, ‘The contribution of economists to military intelligence during World War II’, Journal of Economic History 68(1) (2008): 109–50; and Michael Bernstein, ‘American economics and the national security state, 1941–1953’, Radical History Review 63 (1995): 9–26. Econocracy  31 37 Paul Samuelson, ‘Unemployment ahead: a warning to the Washington expert’, The New Republic, 11 September 1944: 297–9. 38 Evans, Macroeconomic Forecasting, 13. 39 Raymond F. Mikesell

in The econocracy
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

GDP ratio to 46% in 1997, the highest in the region.” Haggard (2000, 49) defines a veto gate as an institution that has the power to veto a policy proposal, thus forcing a reversion to the status quo. Veto gates can include the president, the legislature, a second chamber of the legislature, a committee within a legislature, or the courts. In authoritarian governments, they may include the military. The preferences of these veto gates may be more or less closely aligned: thus the president and the legislature may represent distinct veto gates, but may either be of

in The Asian financial crisis