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Europe's ordoliberal iron cage: critical political economy, the euro area crisis and its management.
- Source :
-
Journal of European Public Policy . Feb2015, Vol. 22 Issue 2, p275-294. 20p. - Publication Year :
- 2015
-
Abstract
- Orthodox integration scholarship failed to identify the factors leading to the euro area (EA) economic and financial crisis because of weaknesses that Horkheimer identified in ‘traditional’ theory: disciplinary splits and a tendency to idealize from particular instrumental perspectives. By contrast, critical political economy offered a plausible and coherent elucidation of the emergent properties and limits of finance-led capitalism and their concrete manifestation in the EA. This contribution both reviews state-of-the-art critical political economy research on the EA crisis and makes a distinct contribution to it. In addressing the puzzle of why not only the Economic and Monetary Union persists despite morbid symptoms but why crisis management is extending and deepening a discredited finance-led capitalism, the contribution synthesizes theories of transnational class formation and inter-state relations, and proposes that Europe is caught in an ordoliberal iron cage. [ABSTRACT FROM PUBLISHER]
Details
- Language :
- English
- ISSN :
- 13501763
- Volume :
- 22
- Issue :
- 2
- Database :
- Academic Search Index
- Journal :
- Journal of European Public Policy
- Publication Type :
- Academic Journal
- Accession number :
- 100935756
- Full Text :
- https://doi.org/10.1080/13501763.2014.995119