Author (Person) | Ryner, Magnus |
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Series Title | Journal of European Public Policy |
Series Details | Vol.22, No.2, February 2015, p275-294 |
Publication Date | February 2015 |
ISSN | 1350-1763 |
Content Type | Journal | Series | Blog |
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. |
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Source Link | http://dx.doi.org/10.1080/13501763.2014.995119 |
Subject Categories | Economic and Financial Affairs |
Countries / Regions | Europe |
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