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Europe in Crisis - Bolt from the Blue? (Paperback)
Loot Price: R1,143
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Europe in Crisis - Bolt from the Blue? (Paperback)
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This book analyzes the European Great Recession of 2008-12, its
economic and social causes, its historical roots, and the policies
adopted by the European Union to find a way out of it. It contains
explicit debates with several economists and analysts on some of
the most controversial questions about the causes of the crisis and
the policies applied by the European Union. It presents the cases
of Iceland, Greece and Ireland, the countries that first declined
into crisis in Europe, each of them in a different way. Iceland is
a case study for reckless banking practices, Greece of reckless
public spending, and Ireland of reckless household indebtedness. At
least seven other countries, mostly from the peripheries of Europe,
had similarly reckless banking and spending practices. In the
center of the book are the economic and social causes of the
crisis. Contemporary advanced capitalism became financialized,
de-industrialized and globalized and got rid of the "straitjacket"
of regulations. Solid banking was replaced by high-risk,
"casino-type" activity. The European common currency also had a
structural problem - monetary unification without a federal state
and fiscal unification. The other side of the same coin is European
hyper-consumerism. A new lifestyle emerged during two
super-prosperous periods in the 1950s to 1960s, and during the
1990s to 2006. Trying to find an exit policy, the European Union
turned to strict austerity measures to curb the budget deficit and
indebtedness. This book critically analyzes the debate around
austerity policy. The creation of important supra-national
institutions, and of a financial supervisory authority and
stability mechanisms, strengthens integration. The correction of
the euro's structural mistake by creating a quasi-fiscal
unification is even more important. The introduction of mandatory
fiscal rules and their supervision promises a long-term solution
for a well-functioning common currency. These measures, meanwhile,
create a two-tier European Union with a fast-track core. This book
suggests that the European Union will emerge stronger from the
crisis. This book will be of particular interest to students and
researchers of economics, history, political science and
international finance, but will also prove profitable reading for
practitioners and the interested public.
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