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Capitalisms and Capitalism in the Twenty-First Century

Morgan,  Glenn, Whitley, Richard (Ed.), (2012), “Capitalisms and Capitalism in the Twenty-First Century”, International Political Economy Series, Oxford University Press, 26 April The early twenty-first century is witnessing both an increasing internationalization of many markets, firms, and regulatory institutions, and a reinforcement of the key role of nation states in managing economic development, financial crises, and market upheavals in many OECD and developing economies. Drawing on a variety of interdisciplinary perspectives from …Read More

Making Progress In Economic And Monetary Union

Carlo Padoan, Pier, (2015), “Making Progress In Economic And Monetary Union”, Social Europe Journal, 9 October The recovery that has been developing over the past several quarters in Europe is encouraging but modest. To obtain stronger and more sustained growth and job creation, decisive policy action is needed beyond the current policy mix and the positive contribution by the ECB policy stance. Action must be accelerated on several fronts: structural …Read More

No coordination without representation

Terzi, Alessio, (2015), “No coordination without representation”, Bruegel publications. 8 October Further democratic legitimacy is a pre-requisite to economic union. This article explores how economic policies in the euro area should be coordinated, but this cannot be done in a mechanical rules-based manner. Arguing the contrary suggests a cavalier understanding of the complexity of economic policymaking. Relevant Posts Maçães, Bruno, (2015), «The missing piece in the EMU puzzle: Economic policy coordination», …Read More

The sticky superpower

Economist, (2015), “The sticky superpower”, Special Report, 3 October IN JUNE THIS year Jack Ma, the founder of Alibaba, a giant Chinese e-commerce firm, addressed the Economic Club of New York, whose members include many Manhattan luminaries and Wall Street chiefs. Mr Ma’s message was that his company exists for the long-term good of society, a far cry from the creed of shareholder value followed by many in the room. …Read More

Strengthening the beating heart of the European economy

Harbour, Malcolm, (2015), “Strengthening the beating heart of the European economy”, European Policy Centre Publications, 29 September In an atmosphere of crisis, distrust and fragmentation, policy-makers in Brussels are mostly focused on fighting fire without having an ambitious vision for the future – in effect, muddling through, as has been the characteristic response in recent years. However, by remaining in crisis response mode, the European Union (EU) is failing to provide …Read More

The political economy of liberal democracy

Mukand, Sharun, Rodrik, Dani, (2015), “The political economy of liberal democracy“, Voxeu, 29 September There are more democracies in the world than non-democracies, but few of the democracies go beyond electoral competition. This column highlights the contrast between electoral democracies and liberal ones, that is, those that protect civil rights in addition to political and property rights. Liberal democracies are rare because the failure to protect minority rights is a common consequence of the …Read More

The BRICS Fallacy

Palacio, Ana, (2015), “The BRICS Fallacy”, Project Syndicate, 29 September The recent downgrade of Brazil’s credit rating to junk status was followed by a raft of articles heralding the crumbling of the BRICS (Brazil, Russia, India, China, and South Africa). How predictable: schadenfreude almost always follows bad news about the BRICS, whose members were once hailed as the world’s up-and-coming economic powerhouses and next major political force. Relevant Posts Παπανικολάου, …Read More

How Germany Gains From The Euro While Others Pay

Janssen, Ronald, (2015), “How Germany Gains From The Euro While Others Pay”, Social Europe Journal, 27 September One of its main ideas is that the euro area lacks a procedure that could declare member states bankrupt when having lost access to financial markets. This makes the restructuring of unsustainably high debt burdens even more complicated than it is. Schäuble’s non-paper even uses the Greek crisis to argue that this situation …Read More

A Strategy for Resolving Europe’s Problem Loans

Aiyar, Shekhar, Ilyina, Anna, (2015), “A Strategy for Resolving Europe’s Problem Loans”, IMF Direct blog, 24 September Problem loans are clogging the arteries of Europe’s banking system. The global financial crisis and subsequent recession have left businesses and households in many countries with debts that they cannot repay. Nonperforming loans as a share of total loans in the EU have more than doubled since 2009, reaching €1 trillion—over 9 percent of the region’s …Read More

What Form of Government for the European Union and the Eurozone?

Fabbrini,  Federico, Hirsch Ballin, Ernst, Somsen, Han, (2015), “What Form of Government for the European Union and the Eurozone?”, Modern Studies in European Law, Hart publishing-Oxford, September What is the form of government of the European Union (EU)? And how is the institutional governance of the Eurozone evolving? These questions have become pressing during the last years. On the one hand, the Euro-crisis and the legal and institutional responses to it have had major …Read More