Ending the Creditor’s Paradise

What would you tell six hundred leading German social democrats about their party's handling of the Eurocrisis?


As I sat in my office at Brown University on December 16, 2014, an email popped into my inbox with the title “Herzlichen Glückwunsch – Sie sind der 1. Preisträger des Hans-Matthöfer-Preises für wirtschaftspublizistik.” This was the award given by the Friedrich Ebert Stiftung (FES), the research foundation closest to the German Social Democratic Party (SPD), and the Hans-Matthöfer Stiftung for the best economics publication in German in 2014. I was, to say the least, surprised.

My 2013 Oxford University Press book, Austerity: The History of a Dangerous Idea, had recently been translated into German by the publishing arm of the FES. Indeed, I had been there a month earlier, in Berlin, to do a book launch, which was very well attended. Since then the book has been reviewed, positively, in the German press, with Suddeutsche Zeitung giving it a rather glowing review. Something odd was going on.

Clearly, despite the impression we get in the US, there was movement away from the “austerity is the only way” approach to thinking about the eurozone crisis in Berlin, at least among the social democrats — but how much movement?

Sorry, but this article is available to active subscribers only. Please log in or become a subscriber.