Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts


International Relations

Reader 1

Hillary Appel

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© 2016 Austin D. Teece


The debate that rages around the concept of austerity, specifically in Europe, lacks context. This paper strives to show that successful reforms are 1) pragmatic in their nature, 2) piecemeal in ideology, 3) mandated by supranational institutions that disregard national sovereignty, 4) unattainable prior to the crisis and 5) long-term in their timeframe. Reforms have had beneficial implications above and beyond fiscal austerity. In the case studies of Ireland, Spain and Greece, the reforms instituted are laid out and evaluated. In each case, reforms achieved a different outcome but allow one to see the merits of well-regulated free market capitalism. When reform is appreciated, the legacy of the European and Troika response to the crisis becomes more appropriate.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.