The politics of economic adjustment in new democracies has received a lot attention, however, none of the most recent examinations provide a thorough comparative analysis of southern Europe. This book fills this lacuna. In the first section, Ethier examines the orientation and outcome of economic policy in Greece, Spain and Portugal during the post-authoritarian period, 1975-95. The author concludes that while economic adjustment was achieved successfully in both Spain and Portugal, it failed in Greece. In the second section, the author analyses the external, institutional and ideological determinants of these unequal economic performances.