Constitutions In The Global Financial Crisis

This book is the first to address the multi-faceted influence of the global financial crisis on the national constitutions of the countries most affected. By tracing the impact of the crisis on formal and informal constitutional change, sovereignty issues, fundamental rights protection, regulatory reforms, jurisprudence, the augmentation of executive power, and changes in the party system it addresses all areas of the current constitutional law dialogue and aims to become a reference book with regard to the interaction between financial crises and constitutions. The book includes contributions from prominent experts on Greece, Hungary, Iceland, Ireland, Italy, Latvia, Portugal, Spain, the UK, and the USA providing a critical analysis of the effects of the financial crisis on the constitution. The volume’s extensive comparative chapter pins down distinct constitutional reactions towards the financial crisis, building an explanatory theory that accounts for the different ways constitutions responded to the crisis. How and why constitutions formed their reactions in the face of the financial crisis unravels throughout the book.

This book is the first to address the multi-faceted influence of the global financial crisis on the national constitutions of the countries most affected. By tracing the impact of the crisis on formal and informal constitutional change, sovereignty issues, fundamental rights protection, regulatory reforms, jurisprudence, the augmentation of executive power, and changes in the party system it addresses all areas of the current constitutional law dialogue and aims to become a reference book with regard to the interaction between financial crises and constitutions.

Many constitutions include provisions intended to limit the discretion of governments in economic policy. In times of financial crises, such provisions often come under pressure as a result of calls for exceptional responses to crisis situations. This volume assesses the ability of constitutional orders all over the world to cope with financial crises, and the demands for emergency powers that typically accompany them. Bringing together a variety of perspectives from legal scholars, economists, and political scientists, this volume traces the long-run implications of financial crises for constitutional order. In exploring the theoretical and practical problems raised by the constitutionalization of economic policy during times of severe crisis, this volume showcases an array of constitutional design options and the ways they channel governmental responses to emergency.

Hit by the European financial and economic crisis in 2008, several Member States of the European Monetary Union (EMU) were unable to refinance their public debt through the financial markets. As a result, they asked for financial assistance from international institutions and European financial assistance mechanisms. That assistance often came at a high price for citizens, cuts in pensions and social assistance, and controversial reforms in public healthcare. These far-reaching reforms were, in many cases, experienced as violations of people's human rights. National constitutional courts, the Court of Justice of the EU, and the European Court of Human Rights issued a series of rulings on the conformity of the reforms in social protection initiated during the Eurozone crisis. This book offers a holistic analysis of the specific reforms in social protection introduced during the European financial crisis and their implications for constitutional law. Focusing on the social reforms of nine European countries that were greatly affected by the financial crisis, the volume seeks to address the legacy of the financial crisis on the application of constitutional law and the welfare state. The book will act as a helpful tool to legal academics interested in the challenges of constitutional and social law initiated by financial assistance conditionality, to advocates in quest of sound legal bases for the protection of individuals affected by social security reforms, and to national and international judges who are confronted with cases that question the legality and legitimacy of the crisis-related reforms.

This book addresses the interrelationship between economic and financial crises, the responses thereto, and economic and social rights.

This book examines the 2008 global economic crisis as a complex social phenomenon or "social hieroglyphic", arguing that the crisis is not fundamentally economic, despite presenting itself as such. Instead, it is considered to be a symptom of a long-standing, multifaceted, and endemic crisis of capitalism which has effectively become permanent, leading contemporary capitalist societies into a state of social regression, manifest in new forms of barbarism. The author offers a qualitative understanding of the economic crisis as the perversion, or inversion, of the capitalistically organized social relations. The genesis of the current crisis is traced back to the unresolved world crisis surrounding the Great Depression in order to map the course and different "inverted forms" of the continuous global crisis of capitalism, and to reveal their inner connections as derivative of the same social constitution. From a historical and interdisciplinary perspective, the book expounds critical social theory, elaborating on the intersection between the early critical theory of the Frankfurt School – mainly Adorno, Horkheimer, and Marcuse – and the "social form" analysis of the Open Marxism school. Global Economic Crisis as Social Hieroglyphic critically addresses the permanent character of the 1920s–1930s crisis and the "crisis theory" debates; the political crisis in Eastern Europe (1953–1968); the crisis of Keynesianism; the crisis of subversive reason; the crisis, negative anthropology and transformations of the bourgeois individual; the state of social regression and the destructive tendencies after the rise of neoliberalism; and finally, the 2008 financial crisis and its ongoing aftermath.

This book is the first to address the multi-faceted influence of the global financial crisis on the national constitutions of the countries most affected. By tracing the impact of the crisis on formal and informal constitutional change, sovereignty issues, fundamental rights protection, regulatory reforms, jurisprudence, the augmentation of executive power, and changes in the party system it addresses all areas of the current constitutional law dialogue and aims to become a reference book with regard to the interaction between financial crises and constitutions. The book includes contributions from prominent experts on Greece, Hungary, Iceland, Ireland, Italy, Latvia, Portugal, Spain, the UK, and the USA providing a critical analysis of the effects of the financial crisis on the constitution. The volume’s extensive comparative chapter pins down distinct constitutional reactions towards the financial crisis, building an explanatory theory that accounts for the different ways constitutions responded to the crisis. How and why constitutions formed their reactions in the face of the financial crisis unravels throughout the book.

This book examines the problem of constitutional change in times of crisis. Divided into five main parts, it both explores and interrogates how public law manages change in periods of extraordinary pressure on the constitution. In Part I, “Emergency, Exception and Normalcy,” the contributors discuss the practices and methods that could be used to help legitimize the use of emergency powers without compromising the constitutional principles that were created during a period of normalcy. In Part II, “Terrorism and Warfare,” the contributors assess how constitutions are interpreted during times of war, focusing on the tension between individual rights and safety. Part III, “Public Health, Financial and Economic Crises,” considers how constitutions change in response to crises that are neither political in the conventional sense nor violent, which also complicates how we evaluate constitutional resilience in times of stress. Part IV, “Constitutionalism for Divided Societies,” then investigates the pressure on constitutions designed to govern diverse, multi-national populations, and how constitutional structures can facilitate stability and balance in these states. Part V, titled “Constitution-Making and Constitutional Change,” highlights how constitutions are transformed or created anew during periods of tension. The book concludes with a rich contextual discussion of the pressing challenges facing constitutions in moments of extreme pressure. Chapter “Public Health Emergencies and Constitutionalism Before COVID-19: Between the National and the International” is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.