"The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract."

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Source : "The root of Europe's riots" by Ha-Joon Chang, www.theguardian.com. September 28, 2012.

Ha-Joon Chang

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