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The Euro crisis and contradictions of Neoliberalism in Europe

Research output: Working paper

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The Euro crisis and contradictions of Neoliberalism in Europe. / Stockhammer, Engelbert.

Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University, 2013. (Economics Discussion Paper).

Research output: Working paper

Harvard

Stockhammer, E 2013 'The Euro crisis and contradictions of Neoliberalism in Europe' Economics Discussion Paper, Faculty of Arts and Social Sciences, Kingston University, Kingston upon Thames, U.K. <http://eprints.kingston.ac.uk/27724/>

APA

Stockhammer, E. (2013). The Euro crisis and contradictions of Neoliberalism in Europe. (Economics Discussion Paper). Faculty of Arts and Social Sciences, Kingston University. http://eprints.kingston.ac.uk/27724/

Vancouver

Stockhammer E. The Euro crisis and contradictions of Neoliberalism in Europe. Kingston upon Thames, U.K.: Faculty of Arts and Social Sciences, Kingston University. 2013 Dec 1. (Economics Discussion Paper).

Author

Stockhammer, Engelbert. / The Euro crisis and contradictions of Neoliberalism in Europe. Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University, 2013. (Economics Discussion Paper).

Bibtex Download

@techreport{d01fefc78a7d468d8e90b1cfbbef4bbd,
title = "The Euro crisis and contradictions of Neoliberalism in Europe",
abstract = "Neoliberalism has not given rise to a sustained profit-led growth process, but to a finance-dominated accumulation regime in which growth relies either on financial bubbles and rising household debt ('debt-driven growth') or on net exports ('export-driven growth'). The financial crisis that began in the market for derivatives on the US subprime mortgage market has translated into the worst recession since the 1930s. In Europe the crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and insulating monetary policy and central banks from national governments. The crisis has thus led to a sharp economic divergence between core and peripheral countries. Contrary to the situation in the (export-driven) Germanic core of Europe, the crisis is escalating in the (debt-driven) southern countries of Europe. The paper interprets the policy regime as the outcome of national elites? attempt to use European integration as a means to constrain nation states. The result is a policy regime that has fatally weakened nation states as regards their fiscal and monetary capacities without creating a European state.",
keywords = "Euro crisis, Neoliberalism, European economic policy, European integration, financial crisis, sovere",
author = "Engelbert Stockhammer",
year = "2013",
month = dec,
day = "1",
language = "English",
series = "Economics Discussion Paper",
publisher = "Faculty of Arts and Social Sciences, Kingston University",
type = "WorkingPaper",
institution = "Faculty of Arts and Social Sciences, Kingston University",

}

RIS (suitable for import to EndNote) Download

TY - UNPB

T1 - The Euro crisis and contradictions of Neoliberalism in Europe

AU - Stockhammer, Engelbert

PY - 2013/12/1

Y1 - 2013/12/1

N2 - Neoliberalism has not given rise to a sustained profit-led growth process, but to a finance-dominated accumulation regime in which growth relies either on financial bubbles and rising household debt ('debt-driven growth') or on net exports ('export-driven growth'). The financial crisis that began in the market for derivatives on the US subprime mortgage market has translated into the worst recession since the 1930s. In Europe the crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and insulating monetary policy and central banks from national governments. The crisis has thus led to a sharp economic divergence between core and peripheral countries. Contrary to the situation in the (export-driven) Germanic core of Europe, the crisis is escalating in the (debt-driven) southern countries of Europe. The paper interprets the policy regime as the outcome of national elites? attempt to use European integration as a means to constrain nation states. The result is a policy regime that has fatally weakened nation states as regards their fiscal and monetary capacities without creating a European state.

AB - Neoliberalism has not given rise to a sustained profit-led growth process, but to a finance-dominated accumulation regime in which growth relies either on financial bubbles and rising household debt ('debt-driven growth') or on net exports ('export-driven growth'). The financial crisis that began in the market for derivatives on the US subprime mortgage market has translated into the worst recession since the 1930s. In Europe the crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and insulating monetary policy and central banks from national governments. The crisis has thus led to a sharp economic divergence between core and peripheral countries. Contrary to the situation in the (export-driven) Germanic core of Europe, the crisis is escalating in the (debt-driven) southern countries of Europe. The paper interprets the policy regime as the outcome of national elites? attempt to use European integration as a means to constrain nation states. The result is a policy regime that has fatally weakened nation states as regards their fiscal and monetary capacities without creating a European state.

KW - Euro crisis, Neoliberalism, European economic policy, European integration, financial crisis, sovere

M3 - Working paper

T3 - Economics Discussion Paper

BT - The Euro crisis and contradictions of Neoliberalism in Europe

PB - Faculty of Arts and Social Sciences, Kingston University

CY - Kingston upon Thames, U.K.

ER -

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