The Great Recession of 2008-2010 reflects an economic instability that had built up over the previous decades. Within the European Monetary Union (EMU), the crisis of the financial market-driven development model is overlaid by a largely homemade state debt crisis and an undefined integration goal. The western world, and more particularly Europe, is facing a lost decade.
The market radical globalisation project
The 1950s-60s may be counted among the best years of the young capitalist social order. This was because everyone could have a slice of progress. The dynamic consumer demand was based on a relatively well-balanced income distribution. Investment activity was high and stable, given the low level of economic uncertainty and the stable development of demand. Precarious employment relationships were just as rare as complicated financial market products or obscenely high managerial pay. The 1970s saw the start of a crisis that reflected an inability to adapt the prevailing economic model. The crisis led, notably in the UK and the US, to the election of conservative governments who embarked on a radical reshaping of the policy framework.