Causes of the European debt crisis historian Robert Skidelsky added that it was indeed excessive lending by banks, not deficit spending that created this crisis. Government's mounting debts are a response to the economic downturn as spending rises and tax revenues fall, not its cause. Either way, high debt levels alone may not explain the crisis. According to The Economist Intelligence Unit, the position of the euro area looked "no worse and in some respects, rather better than that of the US or the UK." The budget deficit for the euro area as a whole (see graph) is much lower and the euro area's government debt/GDP
To each according to his contribution is derived from greater training requirements, job intensity, safety hazards, etc.—the more one is rewarded for the labor contributed. The purpose of the principle, as Trotsky would later state, is to promote productivity. This is done by creating incentives to work harder, longer, and more productively. The principle is ultimately a stowaway from capitalism that, according to Marx, will vanish as work becomes more automated and enjoyable, and goods become available in abundance. The principle has its roots in the way that capitalism manages its affairs. That is, each is rewarded according to how much he produces. Remuneration increases as