4,537
Views
63
CrossRef citations to date
0
Altmetric
Articles

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

References

  • Arestis, P., McCauley, C. and Sawyer, M. (2001), ‘An Alternative Stability Pact for the European Union’, Cambridge Journal of Economics, 25, pp. 113–30. doi: 10.1093/cje/25.1.113
  • Atkinson, A., Piketty, T. and Saez, E. (2011), ‘Top Incomes in the long Run of History’, Journal of Economic Literature, 49 (1), pp. 3–71.
  • Barbosa-Filho, N. and Taylor, L. (2006), ‘Distributive and Demand Cycles in the US Economy – A Structuralist Goodwin Model’, Metroeconomica, 57 (3), pp. 389–411. doi: 10.1111/j.1467-999X.2006.00250.x
  • Becker, J. and Jäger, J. (2012), ‘Integration in Crisis: A Regulationist Perspective on the Interaction of European Varieties of Capitalism’, Competition and Change, 16 (3), pp. 169–87. doi: 10.1179/1024529412Z.00000000012
  • Bellofiore, R. (2005), ‘The Monetary Aspects of the Capitalist Process in the Marxian System: An Investigation from the Point of View of the Theory of the Monetary Circuit’, in F. Moseley (ed.), Marx’ Theory of Money. Modern Appraisals (Houndsmills: Palgrave Macmillan), pp. 124–41.
  • Bellofiore, R., Garibaldo, F. and Halevi, J. (2011), ‘The Global Crisis and the Crisis of European Neomercantilism’, in L. Panitch, G. Albo and V. Chibber (eds), Socialist Register 2011: The Crisis This Time (London: Merlin Press), pp. 120–46.
  • Bhaduri, A. and Marglin, S. (1990), ‘Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies’, Cambridge Journal of Economics, 14, pp. 375–93.
  • Bibow, J. (2007), ‘How the Maastricht Regime Fosters Divergence as Well as Instability’, in P. Arestis, E. Hein and E. Le Heron (eds), Monetary Policies: Modern Approaches (Houndsmills: Palgrave), pp. 197–222.
  • Bonefeld, W. (2002), ‘European Integration: The Market, the Political and Class’, Capital and Class, 26, pp. 117–42. doi: 10.1177/030981680207700105
  • Brenner, R. (1998), ‘The Economics of Global Turbulance’, New Left Review, (229), pp. 1–265.
  • Brenner, N., Peck, J. and Theodore, N. (2010), ‘Variegated Neoliberalization: Geographies, Modalities, Pathways’, Global Networks, 10 (2), pp. 182–222. doi: 10.1111/j.1471-0374.2009.00277.x
  • de Brunhoff, S. and Foley, D. (2007), ‘Karl Marx's Theory of Money and Credit’, in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics (Cheltenham: Edward Elgar), pp. 188–204.
  • Credit Suisse Economics Research. (2012), European Economics. Assessing Debt Sustainability and Financing Needs in Greece Ahead of the PSI. Available from: https://doc.research-and-analytics.csfb.com/docView?language=ENG&source=ulg&format=PDF&document_id=948097251&serialid=IjiUHEvdB6unRmTlYr3p6Dv6YM8Upex%2FTeRbVrcgI6U%3D [accessed 6 September 2013].
  • Crotty, J. (1985), ‘The Centrality of Money, Credit, and Financial Intermediation in Marx's Crisis Theory: An Interpretation of Marx's Methodology’, in S. Resnick and R. Wolff, (eds), Rethinking Marxism: Struggles in Marxist Theory. Essays for Harry Magdoff and Paul Sweezy (Brooklyn, NY: Autonomedia), pp. 45–81.
  • Crouch, C. (2009), ‘Privatised Keynesianism: An Unacknowledged Policy Regime’, British Journal of Politics and International Relations, 11, pp. 382–99. doi: 10.1111/j.1467-856X.2009.00377.x
  • Dardot, P. and Laval, C. (2013), The New Way of the World: On Neoliberal Society (London: Verso).
  • De Grauwe, P. (2010), ‘The Financial Crisis and the Future of the Eurozone’, Bruges European Economic Policy Briefings, 21, pp. 1–12.
  • Duménil, G. and Lévy, D. (1999), ‘Being Keynesian in the Short Term and Classical in the Long Term: The Traverse to Classical Long-Term Equilibrium’, The Manchester School, 67 (6), pp. 684–716. doi: 10.1111/1467-9957.00175
  • Duménil, G. and Lévy, D. (2004), Capital Resurgent. Roots of the Neoliberal Revolution (Cambridge, MA: Harvard University Press).
  • Dutt, A. (2006), ‘Maturity, Stagnation and Consumer Debt: A Steindlian Approach’, Metroeconomica, 57 (3), pp. 339–64. doi: 10.1111/j.1467-999X.2006.00246.x
  • Dyson, K. and Featherstone, K. (1999), The Road to Maastricht: Negotiating Economic and Monetary Union (Oxford: Oxford University Press).
  • European Commission. (2012), European Economic Forecast, Spring 2012. European Economy 1/212. Available from: http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012–1_en.pdf [accessed 6 September 2013 ].
  • Foley, D. and Michl, T. (1999), Growth and Distribution (Cambridge, MA: Harvard University Press).
  • Foucault, M. (2008), The Birth of Biopolitics: Lectures at the College de France, 1978–1979 (Houndsmills: Palgrave MacMillan).
  • Fourcade-Gourinchas, M. and Babb, S. (2002), ‘The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries’, American Journal of Sociology, 108 (3), pp. 533–79. doi: 10.1086/367922
  • Gabor, D. (2014), ‘Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis’, Review of Political Economy, 26 (2), pp. 190–209. doi: 10.1080/09538259.2014.881010
  • Glyn, A. (2006), Capitalism Unleashed: Finance, Globalization and Welfare (Oxford University Press).
  • Goodhart, C. (1998), ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’, European Journal of Political Economy, 14 (3), pp. 407–32. doi: 10.1016/S0176-2680(98)00015-9
  • Graeber, D. (2011), Debt. The First 5000 Years (New York: Melville House).
  • Grahl, J. (2009), Global Finance and Social Europe (Aldershot: Edward Elgar).
  • Grahl, J. (2012), ‘The First European Semester: An Incoherent Strategy’, paper presented at the PERG Workshop Europe in Crisis, Kingston University, April 2012.
  • Hall, P. (2014), ‘Varieties of Capitalism and the Euro Crisis’, West European Politics, 37 (6), pp. 1223–43. doi: 10.1080/01402382.2014.929352
  • Harvey, D. (2005), A Short History of Neoliberalism (Oxford: Oxford University Press).
  • Hein, E. (2012), The Macroeconomics Of Finance-Dominated Capitalism – And Its Crisis (Cheltenham: Edward Elgar).
  • Hein, E. (2013), ‘The Crisis of Finance-Dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies’, Journal of Post Keynesian Economics, 36 (2), pp. 325–54. doi: 10.2753/PKE0160-3477360207
  • Hein, E. and Truger, A. (2005), ‘European Monetary Union: Nominal Convergence, Real Divergence and Slow Growth?’, Structural Change and Economic Dynamics, 16 (1), pp. 7–33. doi: 10.1016/S0954-349X(03)00049-3
  • Huerta de Soto, J. (2012), ‘An Austrian Defense of the Euro’, Mises Daily 22 June 2012. Available from: http://mises.org/daily/6069/ [accessed 18 November 2013].
  • Huffschmid, J. (2005), Economic Policy for a Social Europe: A Critique of Neo-Liberalism and Proposals for Alternatives (Basingstoke: Palgrave Macmillan).
  • Ingham, G. (2004), The Nature of Money (Cambridge: Polity Press).
  • Jessop, B. (2011), ‘Rethinking the Diversity of Capitalism: Varieties of Capitalism, Variegated Capitalism, and the World Market’, in G. Wood and C. Lane (eds), Capitalist Diversity and Diversity within Capitalism (London: Routledge), pp. 209–37.
  • Johnston, A., Hancké, B. and Pant, S. (2013), Comparative Institutional Advantage in the European Debt Crisis, LEQS Paper 66/2013.
  • Keynes, J.M. (1973 [1936]). The General Theory of Employment, Interest and Money. The Collected Writings of John Maynard Keynes Volume VII (Cambridge: Macmillan).
  • King, J. (2002), A History of Post Keynesian Economics since 1936 (Cheltenham: Edward Elgar).
  • Lapavitsas, C. (2000), ‘Money and the Analysis of Capitalism: The Significance of Commodity Money’, Review of Radical Political Economics, 32, pp. 631–56. doi: 10.1177/048661340003200404
  • Lapavitsas, C., et al. (2010), ‘Eurozone Crisis: Beggar Thyself and Thy Neighbour’, Journal of Balkan and Near Eastern Studies, 12 (4), pp. 321–73. doi: 10.1080/19448953.2010.510012
  • Lavoie, M. (2009), Introduction to Post Keynesian Economics (New York: Palgrave Macmillan).
  • Lavoie, M. and Stockhammer, E. (2013), ‘Wage-Led Growth: Concept, Theories and Policies’, in M. Lavoie and E. Stockhammer (eds), Wage-Led Growth. An Equitable Strategy for Economic Recovery (London: Palgrave Macmillan), pp. 13–39.
  • Lucarelli, B. (2011), ‘German Neomercantilism and the European Sovereign Debt Crisis’, Journal of Post Keynesian Economics, 34 (2), pp. 205–24. doi: 10.2753/PKE0160-3477340202
  • Marx, K. (1976), Capital. A Critique of Political Economy Volukme One (London: Penguin Books).
  • Mehrling, P. (2011), The New Lombard Street, How the Fed Became the Dealer of Last Resort (Princeton, NJ: Princeton University Press).
  • Minsky, H. (1986), Stabilizing an Unstable Economy (New Haven: Yale University Press).
  • Mirowksi, P. and Plehwe, D. (2009), The Road from Mont Pelerin (Cambridge, MA: Harvard University Press).
  • Nölke, A. (2014), ‘Economic Causes of the Eurozone Crisis. The Analytical Contributions of Comparative Capitalism’, Manuscript.
  • Onaran, Ö. and Galanis, G. (2014), ‘Income Distribution and Growth: A Global Model’, Environment and Planning A, 46 (10), pp. 2489–513. doi: 10.1068/a46265
  • Overbeek, H. (2012), ‘Sovereign Debt Crisis in Euroland: Root Causes and Implications for European Integration’, The International Spectator, 47 (1), pp. 30–48.
  • Pisani-Ferry, J. and Wolff, G. (2012), Is LTRO QE in Disguise? Available from: http://www.voxeu.org/index.php?q=node/7923 [accessed 20 November 2013].
  • Ryner, M. (2015), ‘Europe's Ordoliberal Iron Cage: Critical Political Economy, the Euro Area Crisis and its Management’, Journal of European Public Policy, 22 (2), pp. 275–94. doi: 10.1080/13501763.2014.995119
  • Schulten, T. and Watt, A. (2007), European Minimum Wage Policy – A Concrete Project for a Social Europe. ETUI European Economic and Employment Policy Brief No 2.
  • Stockhammer, E. (2011), ‘Peripheral Europe's Debt and German Wages’, International Journal for Public Policy, 7 (1–3), pp. 83–96. doi: 10.1504/IJPP.2011.039577
  • Stockhammer, E. (2012), ‘Financialization, Income Distribution and the Crisis’, Investigación Económica, 71 (279), pp. 39–70.
  • Stockhammer, E. (Forthcoming), ‘Determinants of the Wage Share. A Panel Analysis of Advanced and Developing Economies’, British Journal of Industrial Relations.
  • Stockhammer, E., Onaran, Ö. and Ederer, S. (2009), ‘Functional Income Distribution and Aggregate Demand in the Euro Area’, Cambridge Journal of Economics, 33 (1), pp. 139–59. doi: 10.1093/cje/ben026
  • Stockhammer, E. and Sotiropoulos, D. (2014), ‘Rebalancing the Euro Area: The Costs of Internal Devaluation’, Review of Political Economy, 26 (2), pp. 210–33. doi: 10.1080/09538259.2014.881011
  • Stockhammer, E. and Wildauer, R. (Forthcoming), ‘Debt-Driven Growth? Wealth, Distribution and Demand in OECD Countries’, Cambridge Journal of Economics.
  • Walby, S. (2013), ‘Finance Versus Democracy? Theorizing Finance in Society’, Work, Employment & Society, 27 (3), pp. 489–507. doi: 10.1177/0950017013479741
  • Weeks, J. (2014), ‘Euro Crises and Euro Scams: Trade not Debt and Deficits Tell the Tale’, Review of Political Economy, 26 (2), pp. 171–89. doi: 10.1080/09538259.2014.881009

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.