Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Bücher
Zeitschriften
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
SLX-Digitalkonferenz: Zukunftswerkstatt 2024

Mehr Umsatz mit Top-Kontakten

Am 7. Mai erfahren Sie, wie Vertriebsteams Leadgenerierung, Leadnurturing und Leadstrategien effizient steuern können.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
Economics: A Political and Mathematical Discipline Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

6. Dying of Europe?

verfasst von : Sergio Cesaratto

Erschienen in: Heterodox Challenges in Economics

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This chapter deals with current economic problems, particularly those in Europe, the world’s developed region most in difficulty. It starts with Italy, the weakest link in the European Economic and Monetary Union (EMU), examining its path from the economic miracle of the 1950s and 1960s to recent decades of stagnation and even decline.
The European crisis of the past decade resembles foreign debt crises that have involved many emerging countries in the past. Europe is divided into “core” and “peripheral” countries. Peripheral countries borrowed from core countries, which happily granted loans to expand their exports to the periphery. Subsequent austerity measures were designed to bring the resulting imbalances under control. However, coordinated use of monetary and fiscal policy could have avoided much unnecessary suffering.
The chapter finally examines two obstacles to change in Europe. The first concerns German “monetary mercantilism”, a problem for the EMU and the global economy. Secondly, history teaches that a monetary union is only viable if supported by political solidarity between the units that compose it, as in the case of the United States. Americans feel part of a nation. In Europe, mistrust and a divisive doctrine, ordoliberalism, prevail.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel Money and the External Constraint
Nächstes Kapitel Count Draghila
Anhänge
Nur mit Berechtigung zugänglich
Fußnoten
1
Amato and Ranci (1974).
 
2
La Malfa (1962).
 
3
Paggi and D’Angelillo (1986).
 
4
Hirschman (1994).
 
5
Basaglia (1968).
 
6
Carli (1996, p. 261).
 
7
De Vivo and Pivetti (1980).
 
8
De Cecco (1994, p. 30).
 
9
Stiglitz (2010, p. 235).
 
10
Cesaratto (2006, pp. 45–46).
 
11
Frenkel (2014) and Reinhart (2011).
 
12
Leibniz-Institut für Wirtschaftsforschung (2015).
 
14
Holtfrerich (2008, p. 45).
 
15
Ibidem.
 
16
Von Hayek (1939).
 
17
Padoa-Schioppa (2003).
 
18
List (1909 [1841], p. 141).
 
19
Storm (2019a, b).
 
20
Storm (2019b, p. 202).
 
21
Folkerts-Landau (2018).
 
Literatur
Amato, G., & Ranci, P. (Eds.). (1974). La Congiuntura più lunga: materiali per una analisi della politica economica italiana, 1972-1974. Bologna: Il mulino.
Baccaro, L., & Pontusson, J. (2016). Rethinking comparative political economy: The growth model perspective. Politics & Society, 44(2), 175–207.CrossRef
Bagnai, A. (2012). Il tramonto dell’euro. Reggio Emilia: Imprimatur.
Baldwin, R., & Giavazzi, F. (2015). The Eurozone crisis: A consensus view of the causes and a few possible solutions. Voxeu.​org.
Basaglia, F. (1968). L’istituzione negata. Rapporto da un ospedale psichiatrico. Torino: Einaudi.
Blustein, P. (2016). Not so low: Inside the crisis that overwhelmed Europe and the IMF. Waterloo, ON: CIGI Press.
Bofinger, P. (2016). German macroeconomics: The long shadow of Walter Eucken. Voxeu.​org.
Carli, G. (1996). Cinquant’anni di vita italiana. Bari: Laterza.
Cesaratto, S. (2006). Spazio e ruolo di un riformismo coraggioso. In S. Cesaratto & R. Realfonzo (Eds.), Rive Gauche – Critica della politica economica (pp. 44–51). Roma: Il manifesto libri.
Cesaratto, S. (2017). Alternative interpretations of a stateless currency crisis. Cambridge Journal of Economics, 41(4), 977–998.CrossRef
Cesaratto, S. (2018a). The nature of the eurocrisis. A reply to Febrero, Uxò and Bermejo. Review of Keynesian Economics, 6(2), 240–251 (working paper version: Quaderni DEPS, No. 752).
Cesaratto, S. (2018b). Italy: A question of interest rates and trust. Intereconomics, 53(6), 294–295.CrossRef
Cesaratto, S., & Stirati, A. (2011). Germany in the European and global crises. International Journal of Political Economy, 39(4), 56–86.CrossRef
Cesaratto, S., & Zezza, G. (2019a). What went wrong with Italy, and what the country should now fight for in Europe. In H. Hansjorg, J. Priewe, & A. Watt (Eds.), Still time to save the Euro (pp. 47–61). Berlin: Social Europe Publishing.
Cesaratto, S., & Zezza, G. (2019b). Farsi male da soli. Disciplina esterna, domanda aggregata e il declino economico italiano. L’industria, 40(2), 279–318.
De Cecco, M. (1994). L’Italia e il Sistema Monetario Europeo. In F. R. Pizzuti (Ed.), L’economia italiana dagli anni ’70 agli anni ’90 (pp. 19–41). Milano: McGraw-Hill.
De Grauwe, P. (1998, February 20). The euro and the financial crises. Financial Times.
De Vivo, G., & Pivetti, M. (1980). International integration and the balance of payments constraint: The case of Italy. Cambridge Journal of Economics, 4(1), 1–22.CrossRef
Diaz-Alejandro, C. (1985). Good-bye financial repression, hello financial crash. Journal of Development Economics, 19(1–2), 1–24.CrossRef
Febrero, E., & Uxó, J. (2013). Understanding target2 imbalances from an endogenous money view. Department of Economics, University of Castilla-La Mancha, WP No. 2.
Feld, L. P., Köhler, E. A., & Nientiedt, D. (2015). Ordoliberalism, pragmatism and the eurozone crisis: How the German tradition shaped economic policy in Europe. CESIFO, WP No. 5368.
Folkerts-Landau, D. (2018, November 12). Europe must cut a grand bargain with Italy. Financial Times.
Frenkel, R. (2014). What have the crises in emerging markets and the Euro Zone in common and what differentiates them? In J. E. Stiglitz & D. Heymann (Eds.), Life after debt—The origins and resolutions of debt crisis (pp. 122–141). New York: Palgrave Macmillan.
Gilpin, R. (2001). Global political economy—Understanding the international economic order. Princeton: Princeton University Press.CrossRef
Graziani, A. (2000). Lo sviluppo dell’economia italiana. Dalla ricostruzione alla moneta unica. Boringhieri: Torino.
Hien, J., & Joerges, C. (2018). Dead man walking? Current European interest in the ordoliberal tradition. European Law Journal, 24(2–3), 142–162.CrossRef
Hirschman, A. (1970). Exit, voice, and loyalty: Responses to decline in firms, organizations, and states. Cambridge, MA: Harvard University Press.
Hirschman, A. (1977). The passions and the interests: Political arguments for capitalism before its triumph. Princeton, NJ: Princeton University Press.CrossRef
Hirschman, A. (1991). The rhetoric of reaction: Perversity, futility, jeopardy. Cambridge, MA: The Belknap Press.CrossRef
Hirschman, A. (1994). Social conflicts as pillars of democratic market society. Political Theory, 22(2), 203–218.CrossRef
Holtfrerich, C.-L. (1999). Monetary policy under fixed exchange rates (1948–70). In E. Baltensperger (Ed.), Fifty years of the Deutsche Mark. Central bank and the currency in Germany since 1948 (pp. 307–402). New York: Deutsche Bundesbank and Oxford University Press.
Holtfrerich, C.-L. (2008). Monetary policy in Germany since 1948—National tradition, international best practice or ideology. In J. P. Touffut (Ed.), Central banks as economic institutions (pp. 22–51). Cheltenham: Edward Elgar.
Höpner, M. (2019). The German undervaluation regime under Bretton woods: How Germany became the nightmare of the world economy. MPIfG Discussion Paper No. 19/1. Köln: Max-Planck-Institut für Gesellschaftsforschung
Kaldor, N. (1971, March 12). The dynamic effects of the common market. New Stateman. Reprinted in N. Kaldor (1978), Collected economic essays (pp. 187–220). Vol. 6, London: Duckworth.
La Malfa, U. (1962). Nota aggiuntiva alla Relazione generale sulla situazione economica del Paese. Rome: Camera dei deputati, May.
Leibniz-Institut für Wirtschaftsforschung Halle. (2015). Germany’s benefit from the Greek crisis. IWH Online 7/2015. Halle (Saale).
Nikiforos, M., et al. (2015). Twin deficits’ in Greece: In search of causality. Journal of Post Keynesian Economics, 38(2), 302–330.CrossRef
Paggi, L., & D’Angelillo, M. (1986). I comunisti italiani e il riformismo. Un confronto con le socialdemocrazie europee. Torino: Einaudi.
Pivetti, M. (2019). The Euro System and the overall european project: Failure or fully-fledged success? Revista de Economia Critica, 27(primer semester), 112–121.
Reinhart, C. (2011). Series of unfortunate events: Common sequencing patterns in financial crises. Rivista di Politica Economica, 100(4), 11–36.
Riha, T. (1985). German political economy: The history of an alternative economics. Bradford: MCB University Press.
Stiglitz, J. E. (2010). Freefall: America, free markets, and the sinking of the world economy. New York: W. W. Norton.
Storm, S. (2019b). Lost in deflation: Why Italy’s woes are a warning to the whole eurozone. International Journal of Political Economy, 48(3), 195–237.CrossRef
Von Hayek, F. (1939). Individualism and economic order. Chicago: University of Chicago Press.
Metadaten
Titel
Dying of Europe?
verfasst von
Sergio Cesaratto
Copyright-Jahr
2020
Buch
Heterodox Challenges in Economics

Print ISBN: 978-3-030-54447-8

Electronic ISBN: 978-3-030-54448-5

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-54448-5_6