By Diane Ethier
Many fresh books take care of the politics of financial adjustment in new democracies. notwithstanding, none of them presents a radical comparative research of Southern ecu circumstances. This booklet fills this lacuna. the 1st half compares the orientations and the results of the commercial guidelines performed via the Greek, Spanish and Portuguese governments through the post-authoritarian interval (1975-95). It unearths that monetary adjustment has been accomplished with a mitigated good fortune in Spain and Portugal whereas it failed in Greece. the second one half analyses the factors of those unequal performances. It exhibits that the latter were decisively prompted through components: the government's dedication to project reforms: the autonomy of the administrative towards the most political actors or its ability to rally their aid. almost always, this paintings demanding situations a number of preconceived rules approximately Southern Europe whereas confirming and complementing the most findings of comparable stories dedicated to japanese ecu, Latin American, Asian and African new democracies.
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Extra resources for Economic Adjustments in New Democracies: Lessons from Southern Europe
On the other hand, the powers of government joint action bodies created by the UCD (such as the National Institute on Employment and the Professional Health and Security Institute), were reinforced. 25 However, it was in 1992, in the framework of the Plan for Economic Convergence that the most radical reforms of the labour legislations were announced, depite the strong opposition of the unions. The main recommendations of the Plan aimed to enhance the flexibility of the labour market (elimination of functional and geographical barriers to labour mobility, elimination of 100 remaining Francoist labour ordinances that limit the hiring and firing liberty of the enterprises) and to improve the vocational training of manpower (creation of 60 000 new training places per year for unemployed workers; establishment of a social fund intended to fund permanent jobs).
The social-democratic leaders nonetheless stated that this program would not involve the privatization of public services (transportation, mail, Air Portugal) and that the transfer of other government enterprises to the private sector would be done gradually. For the period 1987-91, the government announced a large-scale privatization of radio and television, a revision of the basic law on agrarian reform, a liberalization of labour legislation, in particular with regard to hiring and firing, and the disengagement of the state from social security.
6%. A new advance contribution of US$600 million further reduced the external debt. The guaranteed minimum wage was increased, bringing the purchasing power of Portuguese citizens to its highest level since 1972. 1988 was marked by continued growth, a further reduction in economic imbalances, and by the start of the structural reforms announced in 1987. This situation was facilitated by contributions and increased assistance from the EC aimed at achieving the European Single Market. The major transport modernization projects were begun: construction of a high-speed train (TGV) between Oporto and Lisbon and a new international airport in the suburb of Lisbon; modernization of the airports of Oporto, Faro and Acores, repairs to 3000 km of roads, and the construction of a new Lisbon-Estoril motorway.
Economic Adjustments in New Democracies: Lessons from Southern Europe by Diane Ethier