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From Convergence to Crisis - Labor Markets and the Instability of the Euro (Hardcover)
Loot Price: R1,390
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From Convergence to Crisis - Labor Markets and the Instability of the Euro (Hardcover)
Series: Cornell Studies in Money
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What explains Eurozone member-states' divergent exposure to
Europe's sovereign debt crisis? Deviating from current fiscal and
financial views, From Convergence to Crisis focuses on labor
markets in a narrative that distinguishes the winners from the
losers in the euro crisis. Alison Johnston argues that Europe's
monetary union was structured in a way that advantaged the
corporatist labor markets of its northern economies in external
trade and financial lending. Northern Europe's distinct economic
advantage lay not with its fiscal capabilities, which were not that
different from those of southern Eurozone countries, but with its
wage-setting institutions. Through highly coordinated collective
bargaining, the euro North persistently undercut the inflation
performance of southern trading partners, destining them to a
perpetual cycle of competitive decline and external borrowing.
While northern Europe's corporatist labor markets were always low
inflation performers, monetary union ultimately made their
wage-setting institutions toxic for the South.The euro's
institutional predecessor, the European Monetary System, included
economic and institutional mechanisms that facilitated
macroeconomic adjustment and convergence between the common
currency's corporatist and noncorporatist economies. Combining
cross-national statistical analysis with detailed qualitative case
studies of Denmark, Germany, Italy, Ireland, the Netherlands, and
Spain, Johnston reveals that monetary union's removal of these
mechanisms allowed external imbalances between these two blocs to
grow unchecked, underpinning the crisis in which Europe currently
finds itself. Rather than achieving the EU's goal of an ever-closer
union, the common currency produced a monetary environment that
destabilized the economic integration of its diverse labor markets.
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