The restructuring of the Western European party space in the crisis : a comparative study of Austria, France and Germany

Abstract

In 2008, Western economies were shaken by the burst of the housing bubble in the USA and since then Europe is caught in the Great Recession. Many European countries have been confronted with a long-lasting economic recession with, in some countries, limited prospects of improvement for a foreseeable future (e.g., Kahler and Lake 2013; Schäfer and Streeck 2013). Over the recent years, these countries also faced a financial crisis as a result of the need to rescue banks that are too big to fail and of the related public debts. European citizens, mostly but not only in the South of Europe, are confronted with rising unemployment, loss of purchasing power, and increased risks of poverty. In this context, the economy is on top of political agendas and figures among the most central concerns of citizens. Some political actors advocate the introduction of Keynesian measures in order to stimulate the economy and break from the dominant idea of austerity politics. Yet, altogether few alternatives to austerity and neo-liberal reforms are presented and discussed. It is important to note that, the longer the economic crisis lasts, the more likely it is to influence politics and to create the potential for a political crisis reinforcing trends of political cynicism among citizens who distrust political parties and either turn away from electoral participation or resort to protest voting.