Davide Gualerzi

Abstract

The paper presents an interpretation of austerity that sheds light on the crisis in the Eurozone. It argues that austerity is a long-term policy rather than an ill-conceived short-term remedy. To go beyond the by now familiar criticisms of austerity, we need to examine the crisis in its totality. Especially important are the impediments to a strong recovery driven by market incentives. This might ultimately undermine the very existence of the common currency and the future of the European Union.

Keywords

Eurozone, crisis, austerity, industrial transformation, advanced industrial economies, trade imbalances

From: Review of Radical Political Economics 2017 49 (3)

Editor: Wang Yi