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During the 1930s and 1940s, and again in the 1970s and 1980s, most
European nations, indeed most industrial nations, undertook major
changes in macroeconomic policy orientation and financial
regulation. The contributors to this volume, historians, political
scientists, and economists, identify the forces which drove these
major policy shifts, and explore their implications for other areas
of economic and social policy.
Can Italy and Germany thrive within the confines of the common
currency, or do they display two fundamentally incompatible models?
This book examines this question by means of detailed comparisons
in the fields of labour market policies, welfare provisions and
financial and economic management, since the onset of the financial
crisis and through the euro and COVID-19 crises. The rapid
succession of the financial crisis, the Eurozone crisis and
COVID-19 have again brought to the fore questions that have beset
European integration since its inception; does the EU promote
convergence or divergence? Have these crises served to reveal
pre-existing politico-economic incompatibilities or were these
incompatibilities created by the euro and the measures propounded
by the Economic and Monetary Union (EMU)? Should EMU recipes be
followed, or should they be fundamentally revised in an effort to
come good on the convergence promises underpinning the European
project? And, lastly, is the COVID-19 crisis likely to mitigate or
exacerbate these problems? These questions are addressed in this
volume by means of a tight comparison between Germany and Italy,
two countries that have displayed strikingly divergent trajectories
but also share many more politico-economic traits than the
conventional wisdom would allow for. By exploring in detail how the
main elements of the euro and EMU management have played out, the
volume highlights the externalities that becoming part of a
currency union has created and that strengthened the economic
success of one while consolidating the decline of the other and
analyses the likely impact of the measures introduced to fight the
economic consequences of the COVID-19 pandemic. The chapters in
this book were originally published as a special issue of the
journal, German Politics.
Since the late 1960s social democrats have become the dominant
political force in the European Union. In fact, Social Democrats
govern in no less than 11 of the 15 member states. Simultaneously,
the EU has embarked on its most far-reaching project yet, namely
Economic and Monetary Union (EMU); a project that was designed
mainly by non-Social Democratic governments. This volume provides
the first in-depth and comparative analysis of the views and
policies of nine European Social Democratic parties concerning
economic governance under Europe's new single currency and of the
impact of the new political and institutional constellation in the
EU on the process of economic integration and European social
democracy.
Money, Markets, and the State, first published in 2000, provides
in-depth explanations behind the various successes and failures of
the economic policies of social democratic governments in five
Western European countries: Germany, Great Britain, Sweden, Norway
and the Netherlands. Dr Notermans examines these economic systems
from the inflation of the early twenties, through the Great
Depression of the thirties and then continues his analysis up to
present-day mass unemployment. Drawing on a wide range of
historical and statistical sources, Dr Notermans argues that the
fate of social democratic economic policy hinges critically on the
political and institutional success of maintaining price stability
and not on structural economic factors such as changing supply side
conditions or increasing globalization of economic relations.
Although social democracy has repeatedly been declared obsolete,
the study concludes that even under present economic conditions,
successful policies for full employment are possible by way of
social democratic theory.
Money, Markets, and the State provides in-depth explanations behind the various successes and failures of the economic policies of social democratic governments in five Western European countries: Germany, Great Britain, Sweden, Norway and the Netherlands. Dr. Notermans examines these economic systems from the inflation of the early twenties, through the Great Depression of the thirties, and then continues his analysis up to present-day mass unemployment. Drawing on a wide range of historical and statistical sources, Dr. Notermans argues that the fate of social democratic economic policy hinges critically on the political and institutional success of maintaining price stability.
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